New home sales slip in australia

Total seasonally adjusted new home sales in Australia posted a fall of 5.7 per cent in the month of July 2014, according to the Housing Industry Association.

The monthly decline was reflected in both detached house and multi-unit sales, the former falling by 4.7 per cent, while the latter was down by 10.9 per cent.

"The 2013/14 fiscal year saw the recovery in new home sales gather strong momentum. The 2014/15 year, however, has started with confirmation of a downward trend emerging," said HIA Chief Economist, Dr Harley Dale. "Nevertheless, we still expect this year to record a reasonably healthy level of sales activity."