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© Reuters. File photo: May 5, 2021, in Tampa, Florida, USA. A carpenter is constructing a new townhouse that is still under construction, and the demand for construction materials is strong. REUTERS/Octavio Jones
Washington (Reuters)-Sales of new single-family homes in the United States fell in June, and sales in the previous month were lower than initial estimates. This indicates that the real estate market is losing momentum due to severe real estate shortages leading to soaring prices.
The US Department of Commerce said on Monday that sales of new homes fell by 6.6% last month, with an annual rate of 676,000 units adjusted for seasonal factors. The sales rate in May was reduced to 724,000 units from the previously reported 769,000 units.
Economists surveyed by Reuters had previously predicted that new home sales in June would increase by 3% to 800,000 units, accounting for a small portion of US home sales.
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