By Greg Robb
WASHINGTON (MarketWatch) - U.S. new home sales plunged to a new all-time low in July, the Commerce Department estimated Wednesday. The decrease in new-home sales to a seasonally adjusted annual rate of 276,000 was well below the 339,000 pace expected by economists surveyed by MarketWatch. New-home sales in June rose a revised 12.1% to a 315,000 level compared with the previous estimate of a 23.6% rise to 330,000. New-home sales are down 32.4% compared with a year ago. The months' supply of homes on the market rose to 9.1 months in July from 8.0 months in June. Median sales prices have fallen 4.8% in the past year to $204,000. The average sales price has fallen 13.2% over the same period to $235,300.
