Economics
US New-Home Sales Fall More Than Forecast to Two-Year Low
- Purchases dropped 8.1% in June to an annualized 590,000 rate
- Number of homes sold awaiting start is highest since January
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Sales of new US homes fell for the fifth time this year in June to a more than two-year low, as a mix of high prices and rising mortgage rates thwarted prospective buyers.
Purchases of new single-family homes decreased 8.1% to 590,000 annualized pace from a downwardly revised 642,000 in May, government data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 655,000 rate.