U.S. New Home Sales Drop in June

The sales of new single-family homes in the United States declined last month, data showed on Monday.

New home sales fell by 6.6% to a seasonally adjusted annual rate of 676,000 units in June, according to the U.S. Department of Commerce.

In addition, May’s reading was revised downwards to 724,000 units from the previously estimated 769,000 units.

This is suggesting that the housing market is losing momentum due to the rising prices with a supply shortage.