Could some of the most in-demand housing markets be cooling off?
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Sales of newly built, single-family homes fell 2.4 percent to a seasonally adjusted annual rate of 412,000 units in July, according to data from HUD and the U.S. Census Bureau.
Builder confidence in the market for newly built, single-family homes rose two points to 55 on the Housing Market Index (HMI) for August.
Markets in 56 of the 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the Leading Markets Index (LMI).
Compared with the second quarter of 2013, the single-family index increased three points to a level of 56, which is the highest second-quarter reading since the inception of the index in 2008.
The residential construction sector added 13,000 jobs in July from a month earlier.