Sales of new U.S. single-family homes fell for a second straight month in July, but a surge in the stock of properties on the market and a moderation in price increases should help to stimulate demand in the months ahead.
The Commerce Department said on Monday that sales slipped 2.4 percent to a seasonally adjusted annual rate of 412,000 units, the lowest level since March.
June’s sales were revised to show a 7.0 percent decline instead of the previously reported 8.1 percent slump. Economists polled by Reuters had forecast new home sales at a 430,000-unit pace last month.
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