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US new home sales fall in July
There was a sharp decline in sales of new single-family homes in the United States in July, dropping by 10.5% compared to the previous month to an annual rate of 607,000 units. This decrease occurred amid rising mortgage rates, higher prices, and waning interest from potential buyers. The average price of a new home also fell to $393,800, down 0.9% from the previous year. This trend reflects the impact of rising interest rates associated with tightening monetary policy and geopolitical tensions, which have reduced purchasing power and slowed down the U.S. housing market.
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