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