Source: Economics Group of Wells Fargo Bank, N.A.
Summary
New Home Sales Decline Sharply in June
New homes sales fell 8.1% in June to a 590,000-unit pace, and sales for the prior month were revised lower by 54,000 units to a 642,000-unit pace. The sharper-than-expected drop in sales and downward revision to the prior month’s data confirms the sharp pullback in home builder confidence reported earlier this month. Higher interest rates have caused many would-be home buyers to cancel contracts or delay home buying, as they can no longer afford the higher monthly payments. READ FULL ARTICLE>>