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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Business News
August 21, 2026 14:42 ET The minutes of the latest policy meeting of the Federal Reserve, housing market data and manufacturing sector survey results were the main news for the U.S. economy this week. In Europe, inflation data from the U.K. was the highlight, while consumer price data from Japan drew attention in Asia.