U.S. New Home Sales Fall Again In July, Supply Increases Sharply
The Commerce Department said on Monday that sales slipped 2.4 percent to a seasonally adjusted annual rate of 412,000 units, the lowest level since March June’s sales were revised to show a 7.0 percent decline instead of the previously reported 8.1 percent slump. The weak new home sales pace is at odds with other data that have suggested the housing market recovery is back on track. At July’s sales pace it would take 6.0 months to clear the supply of houses on the market.
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