US new home sales dip to 7-month low in July
The housing market is being hampered by a shortage of properties, which is driving up home prices.
New home sales plunged by 9.4% to 571,000 units in July after June’s sales was revised up to 630,000 units; however, economists’ expectations were calling for a 0.3% gain. On a yearly basis, the new home sales also fell by 8.9% in July, marking the first annual fall since February 2016.
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