US new home sales fall 10.5% in July

US new home sales fell 10.5 percent in July to a seasonally adjusted annual rate of 607,000, the Commerce Department said Tuesday.

The rate was the lowest annual pace since the start of the year. The median sales price of new homes sold in July was $393,800, slightly below June's level.

Mortgage costs remained a pressure point for buyers. Freddie Mac data showed the popular 30-year fixed-rate mortgage averaged around 6.4 percent to 6.7 percent in July, above levels seen in prior months.