US New Home Sales Fall Below Expectations

Home purchases, in the United States, dropped 8.1% in June to an annualized 590,000 rate. The number of homes sold awaiting start is at the highest level since January 2022.

Sales of new US homes fell for the fifth time this year in June to a more than two-year low. There is practically a mix of high prices and rising mortgage rates that has been thwarting potential buyers across the markets.

Purchases of new single-family homes retreated by 8.1% to 590,000 annualized from the downwardly revised 642,000 reading in May as revealed by government data on Tuesday. The median estimate in a Bloomberg survey of economists called for a 655,000 rate.