WASHINGTON -- Sales of new single-family houses surged 6.7 percent to an annual rate of 1.017 million last month, surpassing the 976,000
rate projected by private economists. July was the first time new home sales passed the one-million mark.
Regionally, the Midwest led July's housing strength, with home sales there up 16 percent. Home sales jumped 10.1 percent in the South, but they plummeted 9.1 percent in the Northeast and eased 0.4 percent in the West.