NEW home sales rose for the third month in a row in July, but the pace of growth slowed significantly, with developers launching more homes than they could sell.

Buyers picked up 897 new private homes last month, 12 per cent more than in June, according to the latest numbers released on Friday by the Urban Redevelopment Authority. This comes after new home sales almost doubled between May and June.

Last month's sales were clearly boosted by mass market condominium projects, with two large-scale launches accounting for almost half the whole month's figures.

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