The numbers: New-home sales ran at a seasonally adjusted annual 627,000 rate, the Commerce Department said Thursday.
What happened: Sales of newly-constructed homes missed the MarketWatch consensus forecast of a 640,000 pace and revisions to the prior several months were mostly downward. July’s pace was the lowest since last October. It stood 1.7% lower than June sales, but 12.8% higher than a year ago.
The median price of new homes sold in July was $328,700. That’s only 1.8% higher than the median price in July 2017.
Big picture: The government’s home-construction reports are based on small samples and are often revised heavily, making it hard to rely on any one month’s data. But for the year to date, sales are 7.2% higher than the same period last year. The recovery is still going on in the new-home segment of the market, and it remains…