Sales of new homes in the U.S. rose 3.6 percent in July to match a two-year high reached in May, the latest sign of a steady recovery in the housing market.
The Commerce Department said Thursday that new-home sales reached a seasonally adjusted annual rate of 372,000. That’s the same as in May, which was the highest since April 2010.
In the past 12 months, sales have jumped 25 percent. Still, the increase is from a historically low level. New-home sales remain well below the annual pace of 700,000 that economists consider healthy.