CALIFORNIA : BRIEFLY / THE ECONOMY : July New-Home Sales Rise to 2nd-Highest Level

New-home sales rose a tiny 0.1% in July but managed to post their second-highest level ever, a sign that the housing sector continues to thrive despite rising mortgage rates. The Commerce Department reported that sales of new single-family homes increased to a seasonally adjusted annual rate of 980,000 units last month--up from an upwardly revised 979,000 units in June. July’s rate was the highest since 985,000 new homes were sold in November 1998. Sales were up in all parts of the country in July except for the West, where they fell 12.9%. July’s gain in new-home sales nationally followed a 7.3% jump in June, much better than the 3.1% gain previously estimated.