Sales of new U.S. single-family homes sank more than expected in July, a sign th...
WASHINGTON - Sales of new U.S. single-family homes sank more than expected in July, a sign that the housing market continued in low gear despite lower mortgage rates and a strong labor market.
The Commerce Department said on Friday new home sales dropped 12.8% to a seasonally adjusted annual rate of 635,000 units last month. It was the biggest monthly decline since July 2013.Concerns about slowing growth, especially tied to trade tensions between the United States and China, as well as weakness in overseas economies are seen encouraging the Federal Reserve to cut interest rates in September for the second time this year.
U.S. interest rate futures pared gains after the release of Powell’s remarks before rising again. The dollar .DXY was largely flat against a basket of currencies. New home sales last month were 4.3% higher than in July 2018. The median new house price was $312,800, down 4.5% from a year earlier.
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