2014.08.2722:45:00UTC+00Australia New Home Sales Fall In July

New home sales in Australia declined in July, after increasing in the previous month, data from the Housing Industry Association showed Thursday.

Seasonally adjusted new home sales fell 5.7 percent month-over-month in July.

The decline was driven by a 4.7 percent drop in the sales of detached houses and a 10.9 percent fall in the sales of multi-unit houses.

"The 2013/14 fiscal year saw the recovery in new home sales gather strong momentum. The 2014/15 year, however, has started with confirmation of a downward trend emerging," said Harley Dale, HIA Chief Economist.

"Nevertheless, we still expect this year to record a reasonably healthy level of sales activity."