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US new home sales fall to seven-month low

June's sales pace was revised up to 630,000 units from the previously reported 610,000 units

Reuters  |  Washington 

New US single-family home sales unexpectedly fell in July, dropping to their lowest level in seven months, which could raise concerns of a slowdown in the housing market recovery. The Commerce Department said on Wednesday new home sales tumbled 9.4 per cent to a seasonally adjusted annual rate of 571,000 units last month, the lowest level since December 2016. The percentage drop was the largest since August 2016. June's sales pace was revised up to 630,000 units from the previously reported 610,000 units. Home sales in May also were not as weak as previously reported, taking ...

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First Published: Wed, August 23 2017. 20:17 IST
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