Sales of new U.S. homes jumped nearly 10 percent in July, rising for the fourth consecutive month and surpassing expectations as the housing market begins to recover from its historic slump. The Commerce Department reported Wednesday that new home sales rose 9.6 percent to an annual rate of 433,000 units last month from a rate of 395,000 in June. Sales are now up more than 30 percent from the low seen in January, but they are still far below their peak four years ago. The median sales price fell slightly in July and was 11.5 percent below levels a year ago, the department said. July's sales pace was the strongest since last September and reflected homebuyers rushing to take advantage of an $8,000 government tax credit for first-time buyers. The program ends in November.
