24 Jul 2015
US new home sales tumble 6.8% to 7-month low in June
FXStreet (Mumbai) - The purchases of new home in the US unexpectedly declined in June, accompanied by downward revisions of prior readings. The drop comes during the industry’s busiest time of the year.
Sales fell 6.8% to a 482,000 annualized pace, the weakest since November. Commerce Department figures showed three of the four regions suffered setbacks.
The weak reading in June contradicts the recent housing data, which had shown the housing sector was recovering fast due to sustained job gains and lower borrowing costs.
Sales fell 6.8% to a 482,000 annualized pace, the weakest since November. Commerce Department figures showed three of the four regions suffered setbacks.
The weak reading in June contradicts the recent housing data, which had shown the housing sector was recovering fast due to sustained job gains and lower borrowing costs.