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U.S. new homes sales beat expectations in July, gold price falls to daily lows

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(Kitco News) Gold hit new session lows after the U.S. new home sales beat expectations in July, rising 13.9% versus the expected 1.3% advance. June numbers were also upwardly revised to 15.1% advance.

New home sales were at a seasonally adjusted annualized rate of 901,000 homes in July, the U.S. Commerce Department said on Tuesday. June’s sales were revised up to a rate of 791,000 units.

Market consensus called for sales to advance to 785,000 units in July.

On an annual basis, new home sales were up 36.3% from last year’s estimate of 661,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $330,600 while the average price was $391,300.

The inventory of houses for sale as of the end of June was at 299,000, representing a 4.0-month supply at current sales rate. 

Gold dropped to session lows following the data release with December Comex gold futures last trading at $1,924 an ounce, down 0.78% on the day.

Live 24 hours gold chart [Kitco Inc.]

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