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(CEP News) - According to the Australian Housing Industry Association (HIA) on Friday, new home sales totalled 7,223 in July compared to 7,785 in June, an decline of 7.2% in the month.
In June, new home sales advanced 0.5%. In a press release, the HIA said, "there can be no further delay in respect to a drop in the official cash rate. A slowing economy as seen by declining residential construction activity highlights the absolute need for the RBA to lower the official cash rate this Tuesday." "The imminent move to lower interest rates is a welcome first step to a much needed home building recovery, but the delay to a tangible boost to construction activity will be significant," said HIA chief economist Harley Dale. The loss in new home sales was mostly attributed to a 7.5% contraction in ex-unit sales in July compared to a 1.4% contraction the month prior, while unit sales dropped 5.2% on the month after surging 15.5% previously. Queensland drew the only benefit as sales rose 13.4%. Declines were recorded in Western Australia, down 24.5%, followed by New South Wales, down 11.7%, South Australia, down 11.3%, and Victoria, down 7.2%. By Erik Kevin Franco,
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, edited by Nancy Girgis,
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