Sales of new U.S. single-family homes fell to a 14-month low in June.
New home sales fell 6.6 percent to a seasonally adjusted annual rate of 676,000 units last month—the lowest level since April 2020—according to the Commerce Department. Additionally, May’s numbers were revised, and lowered, to 724,000 units from the previously reported 769,000 units.
Sales of new builds have now dropped for three straight months.
Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, increasing 3 percent to a rate of 800,000 units in June.
CNBC hypothesizes that the newly released data suggests the housing market was losing momentum amid soaring prices driven by an inventory shortage.