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U.S. New Home Sales disappoint, gold prices near daily highs

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New home sales

(Kitco News) - Gold prices were largely unchanged following a miss in the U.S. new home sales data from July.

New home sales fell 12.8% last month to a seasonally adjusted annualized rate of 635,000 homes, the U.S. Commerce Department said on Friday. June’s sales were revised to a rate of 728,000 units from 646,000 units.

Market consensus called for sales to edge down 0.2% to 649,000 units in July.

Gold prices remained near daily highs following the data with December Comex gold futures last trading at $1,515.30 an ounce, up 0.45% on the day.

On an annual basis, new home sales were up 4.3% from last year’s estimate of 609,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $312,800, while the average price was $388,000.

The inventory of houses for sale as of the end of July was at 337,000, representing a 6.4-month supply at the current sales rate.

Live 24 hours gold chart [Kitco Inc.]

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