New home sales bounce back in July

New home sales bounced back in July, rising 5.4% to an annualized pace of 507,000.

Expectations were for sales to rise 5.8% in July after a 6.8% decline in June.

Home sales were expected to hit an annualized pace of 510,000 in July.

The Census' report added, "The median sales price of new houses sold in July 2015 was $285,900; the average sales price was $361,600. The seasonally adjusted estimate of new houses for sale at the end of July was 218,000. This represents a supply of 5.2 months at the current sales rate."

This data follows data on home prices in June which showed price increases were a bit less than expected compared to the prior month.

More to come ...