U.S. new home sales tumble in July

Sales of new U.S. homes fell by 12.6 percent in July, according to data from the U.S. Census Bureau, to an annualized rate of 511,000 units. That was a 29.6 percent decline from July 2021 and the lowest level of sales since January 2016. Many prospective buyers were deterred as both housing prices and borrowing costs remain high. The median price of a new home in July was $439,400, up from $402,400 in June.