U.S. new home sales drop sharply, point to more housing weakness
Workers install roof trusses onto a new house in Arvada/ WASHINGTON (Reuters) - Sales of new U.S. single-family homes sank more than expected in July, a sign that the housing market continued in low gear despite lower mortgage rates and a strong labor market. The Commerce Department said on Friday new home sales dropped 12.8% to a seasonally adjusted annual rate of 635,000 units last month. It was the biggest monthly decline since July 2013. Economists had expected a sales pace of 649,000 units. Concerns about slowing growth, especially ...
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