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Signs of a Cooling U.S. Housing Market

Sales of new homes fell to the slowest pace since October last month

Drifting Lower

The U.S. housing market is cooling. Purchases of new homes fell to the slowest pace in eight months in June, while the median selling price declined to the lowest in more than a year, according to government figures released Wednesday. That added to pessimism that appeared earlier in the week when data showed existing-home sales dropped for the third month in a row in June.