WASHINGTON: Sales of new US single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, the latest signs that expensive lumber and shortages of other building materials were hurting the housing market.
The third straight monthly decline in sales reported by the Commerce Department yesterday followed news last week that permits for future homebuilding dropped to a nine-month low in June while home resales rebounded modestly.
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