New Home Sales Drop 13.4% in July

New home sales fell 13.4% in July, the Commerce Department reported Friday.

Sales fell to an annual rate of 394,000 homes, the lowest level since October. The median selling price rose 8.3% from a year ago to $257,200.

The rate was below economists’ median forecast of 487,000, Bloomberg News reported.

Purchases fell in all four regions, led by a 16.1% drop in the West.

Rising home sales can mean more business for flatbed trucking companies, which haul building materials, and for dry van freight carriers, which haul household appliances and furniture.