UPDATED:
8/23/2011 10:15:00 AM
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New home sales fell for the third straight month in July, declining 0.7% to 298,000, the lowest level in five months, the Commerce Department said Tuesday.
Economists had forecast the July rate to be 310,000, Bloomberg reported.
The median price increased 4.7% from the same month in 2010 to $222,000.
Sales fell in two of four regions, led by a 7.4% downturn in the South. Demand fell 5.9% in the West.
New home sales account for about 15% of residential real estate sales. Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.
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