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US New-Home Sales Plummet to Slowest Pace Since Early 2016

  • Purchases dropped 12.6% in July, sixth decline this year
  • Homes available for sale rose to highest level since 2008
Bloomberg business news
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Sales of new US homes fell in July for the sixth time this year to the slowest pace since early 2016, extending a months-long deterioration in the housing market fueled by high borrowing costs and a pullback in demand.

Purchases of new single-family homes decreased 12.6% to a 511,000 annualized pace from a revised 585,000 in June, government data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 575,000 rate.