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US house sales fall to 11-month low on acute supply; jobless claims up

The cooling in housing activity reflects supply constraints rather than ebbing demand

Reuters  |  Washington 

US home resales unexpectedly fell in July to an 11-month low as a chronic shortage of properties boosted prices, the latest sign that the housing market recovery was slowing. The cooling in housing activity reflects supply constraints rather than ebbing demand, which is being driven by a strong labour market. Other data on Thursday showed a slight increase in the number of people filing for unemployment benefits last week. "Housing is far from being the economy's growth star," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto. ...

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First Published: Thu, August 24 2017. 23:07 IST
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