Existing homes enjoyed one of the fastest sales pace since the recession, but the same can’t be said for new home sales, which posted a seven-month low.
According to Reuters, the U.S. single-family new home sales drop in June poses a “minor setback for the housing market recovery.” Sales of new homes fell 6.8 percent to a seasonally adjusted rate of 482,000, says the Commerce Department.
“Economists had forecast new home sales, which account for 8.1 percent of the market, to be unchanged last month. Sales were up 18.1 percent compared to June of last year,” Reuters reports.
