Sales of existing homes exceed new-home sales

The Washington Post reports that sales of existing homes shot up in July, but sales of newly built homes fell.

August 26, 2014
New-Home Sales Fall

Based on information from the Commerce Department on Monday, The Washington Post reports that new-home sales dropped 2.4 percent from June to a seasonally adjusted annual rate of 412,000, which is just half of the usual average of around 800,000.