More unexpectedly un-great housing news!
New U.S. single-family home sales in June fell by the most in more than a year and prices resumed their downward trend, suggesting a set back for the budding housing marketrecovery. …
The housing market had been improving in recent months, with new home construction in June hitting its highest level since October 2008 and confidence among home builders this month touching its best level in more than 5 years.
Last month, the median price of a new home fell 3.2 percent from a year ago, adding to the report’s weak tenor.