Durable Orders for July advanced by 4.9% ($7.8 billion), better than the expected 3.1% gain, to $168.4 billion, which is the largest increase since June of 2007.  This was the third increase in the past 4 months following a 1.3% drop in June, up 1.3% in May, and up 1.8% in April.  Over the past 12 months, Durable Orders have dropped by 25.8%.  Transportation showed the largest increase, by 18.4% ($6.8 billion).  Excluding transportation, new orders increased by 0.8% in July with a 22.9% 12 month decline.

New Home Sales for July are scheduled for release today at 10:00 AM EST, and are expected to increase to 391,000 sales.  In June, this indicator jumped by 11% to a 384,000 annual pace, from  346,000 in May.  The median price of a new home sold in June was $206,200, with the mean price at $276,900. 

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