New home sales decreased for the third consecutive month. Sales fell from a downwardly revised 300,000 (from 312,000) in June to 298,000 in July. New home sales were expected to increase to 310,000.
Inventories remained at a 6.6 months supply. The total number of homes for sale fell slightly from 166,000 in June to 165,000 in July, reaching a new historical low. With the number of homes currently under construction in a steady decline, inventory levels should fall regardless if sales pick up.
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