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US New-Home Sales Fall for First Time Since February
US new-home sales declined in June for the first time in four months, suggesting high borrowing costs and prices are restraining momentum in the market. Purchases of new single-family homes fell 2.5% to an annualized 697,000 pace after a downward revision to the prior month, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 725,000 rate. Even with the decline, sales have rebounded over the past year thanks to limited inventory of existing homes. That explains why homebuilder sentiment is at the highest level in over a year, and contractors are applying to break ... (full story)