New home sales in the U.S. unexpectedly showed another steep drop in the month of June, according to a report released by the Commerce Department on Monday.
The report said new home sales tumbled by 6.6 percent to an annual rate of 676,000 in June after plunging by 7.8 percent to a revised rate of 724,000 in May.
The continued nosedive surprised economists, who had expected new home sales to jump by 4.0 percent to an annual rate of 800,000 from the 769,000 originally reported for the previous month.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.