U.S. New-Home Sales Unexpectedly Fall to Lowest Since April 2020
- Purchases decreased for a third straight month in June
- While more homes are for sale, 90% have yet to be completed
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Sales of new U.S. homes dropped unexpectedly in June to the lowest since April 2020, showing a further weakening in demand against a backdrop of elevated prices and tight supply.
Purchases of new single-family homes fell 6.6% to a 676,000 annualized pace following a downwardly revised 724,000 in May, government data showed Monday. The median estimate in a Bloomberg survey of economists called for a 796,000 rate.