BUSINESS INFORMATION - U.S. new home sales rose 9.6 percent in July

BUSINESS INFORMATION - U.S. new home sales rose 9.6 percent in July, according to government data Wednesday that showed signs of further recovery in the troubled housing sector.

Sales of new single-family homes climbed to an annual rate of seasonally adjusted to 433,000 units, the trade department said. That's far above the 390,000 units analysts expected.

Nevertheless, the figure is 13.4 percent below the sales pace last year, and it came in knaikan center discounts.

The median sales price of new homes sold in July 2009 was 210,100 dollars, down slightly from 210,400 dollars in June, and 11 percent below the average price last year.

The average sales price of 269,200 dollar fell 2.7 percent from the previous month and down 10 percent from the previous year.

Inventory levels down in July, reducing the flood of new homes for sale.

Estimates are seasonally adjusted from the new homes for sale at the end of July was 271,000, a 7.5-month supply for the current sales pace.

Patrick Newport of IHS Global Insight said the markets helped by tax credits, but still remains weak.