New home sales fall; durable goods orders up

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Wednesday, Aug. 25, 2004 | 9:08 a.m.

WASHINGTON -- U.S. new home sales in July fell more than forecast to a 1.134 million annual rate, the slowest pace of the year.

Single-family home purchases dropped 6.4 percent from a 1.211 million annual pace in June that was slower than previously estimated, the Commerce Department said today in Washington. New home sales reached a record 1.283 million rate in May.

Meanwhile, U.S. orders for durable goods rose 1.7 percent in July, more than forecast, as bookings surged for commercial aircraft and demand increased for business equipment.

Orders for items made to last at least three years increased to $195.6 billion after rising a revised 1.1 percent in June, the Commerce Department said today. Excluding transportation equipment, orders rose 0.1 percent last month following a 0.3 percent drop.