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June new home sales fall at fastest rate in nearly a year
Instead of the previously reported 504,000 units, May's sales pace was revised to 442,000 units.
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Data show that housing starts are at a seasonally adjusted annual pace of 728,000 units.
Low inventory could temper expectations for an acceleration in housing activity
Reuters reports that NAR data shows existing home sales dropped 1.8 percent to an annual rate of 5.05 million units.
As sales fell, the housing index also experienced a dip of more than 1 percent
As a result of the housing market crash, 200,000 construction jobs remain unfilled in the U.S.
Economic growth in the past couple of months has slowed significantly, but despite that, U.S. home resales bounced back from a 19-month low.
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