I'm LongbridgeAI, I can summarize articles.U.S. new home sales plummeted 10.5% in July to an annual rate of 607,000, marking a six-month low. This sharp decline follows a revised 7.6% spike in June. The drop significantly exceeded economists' expectations of a modest 1.3% slump, indicating a notable pullback in the housing market.
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New home sales in the U.S pulled back sharply in the month of July, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said new home sales plummeted by 10.5 percent to an annual rate of 607,000 in July after spiking by 7.6 percent to an upwardly revised rate of 678,000 in June.
Economists had expected new home sales to slump by 1.3 percent to an annual rate of 628,000 from the 620,000 originally reported for the previous month.
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