U.S. New-Home Sales Dropped in July After Solid First-Half Run
A potential home buyer looks over a model home in San Ramon, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
A decline in U.S. purchases of new homes in July may be a sign the industry took a breather following an even stronger run of sales than previously reported, according to government data Wednesday.
The slowdown as the second half got under way may reflect lack of affordability and low inventory, which have been constraints, especially for younger, first-time buyers who find it harder to get housing-related credit.