New single-family homes continue sales rise in July
The depressed housing industry may be on its way back up, according to the Commererce Department Sales of new single-family homes rose 14 percent in July, the third straight monthly increase, after gains of 16 percent in June and 39 percent in May. The median price of a new sinle family home also fell from $66, 900 in June to $64,300 in July. The number of homes on the selling block is also dwindling. But the department said July sales were still 14 percent below their pace of a year ago, and only 310,000 new single-family homes were sold during the first seven months of 1980, a 31 percent decline from the same period last year.