WASHINGTON -- Sales of newly built, single-family homes declined 12.4% to a record low seasonally adjusted annual rate of 276,000 units in July, according to data released by the U.S. Commerce Department.

"Today's report, though not unexpected, is disappointing in view of the improvement in sales activity that we saw in June," said Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, MI. "Potential home buyers have become very hesitant due to uncertainty about the economy and job market, and are putting off the decision to buy until they feel more confident."

"The slow pace of economic recovery and worries about job security are weighing heavily on the minds of potential home buyers right now," said NAHB Chief Economist David Crowe.

Sales of new homes fell across every region in July, with a 13.9% decline registered in the Northeast, an 8.3% decline in the Midwest, an 8.7% decline in the South and a 25.4% decline in the West.

Read National Association of Home Builders' press release.

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