With the sale of new homes in the Northeast sinking by more than half on a month-over- month basis, national sales dipped to a nine-month low. Sales in the Midwest and West, however, were stronger, while the U.S. inventory reached a nine-year high.

Home builders sold 53,000 new U.S. housing units during July. That was the fewest new home sales since January, when the total was an upwardly revised 48,000 units.

From Jan. 1, 2018, through the end of July, the number of newly constructed single-family homes that were sold amounted to 401,000 housing units.

Source: Mortgage Daily