New Home Sales Fall

WASHINGTON (Reuters) — Sales of new homes fell more than expected in June to a seasonally adjusted annual rate of 1.131 million and the median home price fell for the second month in a row as the U.S. housing market showed more signs of cooling.

The 3% drop in new-home sales was the first decline since February, the Commerce Department said. Compared with a year earlier, new-home sales were down 11.1%.

Analysts polled by Reuters were expecting new-home sales to cool to a 1.160 million annual rate.

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