Stock Bulls Look Toward $17 Trillion Burning a Hole in Pockets

Reuters

U.S. new home sales drop to 14-month low in June

Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, suggesting that expensive building materials and the resulting surge in prices for properties were restraining the housing market. New home sales fell 6.6% to a seasonally adjusted annual rate of 676,000 units last month, the lowest level since April 2020, the Commerce Department said on Monday. May’s sales pace was revised down to 724,000 units from the previously reported 769,000 units.