Sales of new single-family homes in July were at a seasonally adjusted annual rate of 515,000, according to the Commerce Department. This is 2.4 percent above the revised June rate of 503,000, but is 35.3 percent below the July 2007 esitimate of 796,000.

The median sales process of new homes sold in July was $230,700; the average sales prices was $294,600. The seasonally adjusted estimate of new houses for sale at the end of July was 416,000. This represents a supply of 10.1 months at the current sales rate.

?EUR??,,????'??While the improvement in new home sales in July is definitely a favorable development, it comes on the heels of two consecutive months of significant downward revisions to sales numbers for May and June, so we have to keep the latest report in perspective,?EUR??,,????'?? said NAHB Chief Economist David Seiders.

On a regional basis, where estimates are subject to large month-to-month variations, sales activity was mixed in July. The Northeast posted a nearly 39 percent gain, the West posted a 9.9 percent gain, the Midwest posted an 8.2 percent decline and the South posted a 2.5 percent decline. Every region registered declines in the number of new homes for sale in July.