New homes entice buyers again while the rest of the housing market languishes

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Sales of newly built homes increased 4.4% to a seasonally adjusted rate of 714,000 units last month from the revised June rate of 684,000.

New home sales edged higher in July, one of the only areas in the housing market showing signs of life.

The uptick in activity underscores how buyers left in the market are still turning to new construction as builders capitalize on the shortage of previously-owned homes.

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