India, Aug. 25 -- New home sales in the U.S. decreased from an upwardly revised level in the month of July, according to a report released by the Commerce Department on Monday.
The Commerce Department said new home sales fell by 0.6 percent to an annual rate of 652,000 in July after surging by 4.1 percent to an upwardly revised rate of 656,000 in June.
Economists had expected new home sales to climb by 0.5 percent to an annual rate of 630,000 from the 627,000 originally reported for the previous month.
"New home sales were little changed in July, but the pace of sales was stronger than expected due to upward revisions to sales in June," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. "Price cuts and other builder incen...