New-Home Sales in U.S. Probably Rose to Second-Lowest on Record

Sales of new U.S. homes rose in June to the second-lowest level on record, indicating the industry that sparked the recession is having difficulty sustaining a recovery following the end of a government tax credit, economists said before a report today.

Purchases climbed 3.7 percent to a 311,000 annual pace last month, according to the median estimate of 60 economists surveyed by Bloomberg News. The rate would be second only to May’s 300,000 as the lowest since data began in 1963.