Sales of new homes fell in June by the largest amount in four months while the inventory of unsold homes climbed to a record high, providing further evidence that the once-booming housing sector is slowing, the Associated Press reports.
The Commerce Department reported Thursday that new home sales dropped by 3 percent last month to a seasonally adjusted annual sales pace of 1.131 million units. It marked the first drop since an 11.5 percent plunge in February.
The government reported that the median price of a new home was $321,300 in June, which was up by just 2.3 percent from a year ago and was down by 1.5 percent from May.
