by Mike Shedlock
New home sales unexpectedly plunged today, with the biggest drop in over a year.
New U.S. single-family home sales in June fell by the most in more than a year and prices resumed their downward trend, suggesting a set back for the budding housing market recovery.
The Commerce Department said on Wednesday sales tumbled 8.4 percent to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months. The percent decline was the largest since February 2011.
May’s sales pace was revised up to 382,000 units from the previously reported 369,000 units, taking some of the sting from the report.
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