|Monthly Change in New Residential Sales|
August 27, 2013
The Commerce Department reported a 13.4 percent plunge in new home sales in July, suggesting a sharp turning point in the housing market. The new home sales are erratic, so this report should be viewed with some caution, but the drop in sales is consistent with realtor accounts from around the country about the market having slowed sharply since the jump in mortgage rates at the end of June.
For more, read our latest Housing Market Monitor.