FILE - Houses in the Harris Ranch community of Boise, Idaho, US, on Friday, July 1, 2022. Photographer: Jeremy Erickson/Bloomberg via Getty Images Sales of new U.S.
homes fell more than expected in June to the lowest level in two years as rising mortgage rates and the relentless increase in home values slowed activity by edging prospective homebuyers out of the market.
New single-family home purchases tumbled 8.1% to a seasonally adjusted annual rate of 590,000 units, the lowest level since April 2020, the Commerce Department reported on Tuesday.
Economists surveyed by Refinitiv expected new home sales – which account for a small percentage of total sales – to fall 5.2% last month.On an annual basis, new home sales are down 17.4%.