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U.S. new-home sales surged to the highest in nearly eight years in July as builders picked up the pace while buyer demand remained robust.Sales of newly constructed homes rose 12.4% to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was 31.3% higher than a year ago, and easily beat forecasts of a 581,000 pace from economists surveyed by MarketWatch.June's figure was revised downward slightly, to 582,000.The median sales price in July was $294,600, 0.5% lower than year-ago levels. As sales soared, supply dwindled to 4.3 months' worth of homes at the current pace - Marketwatch.
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