U.S. new home sales drop sharply, point to more housing weakness [From the web]

WASHINGTON, DC, Aug. 23, 2019 (Reuters) -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.

Economists had expected a sales pace of 649,000 units.

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 ...

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