Sales of new single-family homes rose 5.4 percent to a seasonally adjusted annual rate of 507,000 units in July, according to federal reports. “Our builders are reporting higher traffic and more serious buyers, and are adding inventory in anticipation of future business,” Tom Woods, chairman of the National Association of Home Builders, said in a release. The Midwest posted a nearly 7 percent decline, while the Northeast increased 23 percent, the South nearly 6 percent and the West almost 7 percent. The inventory of new homes for sale was 218,000 units in July, amounting to a 5.2-month supply at the current sales pace.