July New-Home Sales Fall to Record Low

July sales of newly built single-family homes fell 12.4 percent to a rate of 276,000 units-the lowest sales rate for new homes on record-from a rate of 315,000 units in June, according to a release from the U.S. Commerce Department. The new estimate is 32.4 percent below the July 2009 estimate of 408,000 units. "Today's report, though not unexpected, is disappointing in view of the improvement in sales activity that we saw in June," said Bob Jones, chairman of the National Association of Home Builders (NAHB). "Potential home buyers have become very hesitant due to uncertainty about the economy and job market, and are putting off the decision to buy until they feel more confident."