Sales of new homes rose 1% in July to annual rate of 708,000

FILE - In this Thursday, June 24, 2021 file photo, a real estate sign is posted in front of a newly constructed single family home in Auburn, N.H. U.S. home prices registered the fastest growth in 17 years in May as a surge in demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, July 27 soared 17% in May from a year earlier on top of a 15% jump in April.  (AP Photo/Charles Krupa, File)
FILE - In this Thursday, June 24, 2021 file photo, a real estate sign is posted in front of a newly constructed single family home in Auburn, N.H. U.S. home prices registered the fastest growth in 17 years in May as a surge in demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, July 27 soared 17% in May from a year earlier on top of a 15% jump in April. (AP Photo/Charles Krupa, File) (Copyright 2021 The Associated Press. All rights reserved.)