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US new home sales drop in June

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(Read caption) The chart shows the decline in new home sales in the US. Sales of new US homes plunged in June, the Commerce Department said Thursday, July 24, 2014, a sign that real estate continues to be a weak spot in the economy.

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Today, the US Census Department released its monthly New Residential Home Sales Report for June showing a notable decline with sales declining 8.1 percent from May falling 11.5 percent below the level seen in June 2013 remaining near an historically low level with 406K SAAR units. 

The monthly supply increased to 5.8 months while the median selling price increased 5.27 percent and the average selling price increased 8.27 percent from the year ago level. 

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The following chart show the extent of sales decline to date (click for full-larger version).