U.S. New Home Sales Rise in July

New home sales in the United States increased last month, as the housing market continues to show signs of strength, data showed on Tuesday.

The sales of new single-family homes increased by 6.6% to a seasonally adjusted annual rate of 708,000 units in July, according to the U.S. Department of Commerce.

The June reading was revised upwards to show 701,000 sold homes, compared with a previously reported 676,000 home sales.

Data indicated that most sales were in the price range of $200,000 to $749,000, with only 1% in the lower price range.