U.S new home sales drop 8.1% in June kitconews gold silver economics finance mining metals investing
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New home sales fell to a seasonally adjusted annualized rate of 590,000 homes in June down 8.1%, the U.S. Commerce Department said on Tuesday. May’s sales were revised down to rate of 642,000 units. The sales data was significantly weaker than expected as economists were looking for a pace of around 663,000 units.
The gold market is not seeing much reaction to the latest home sales data as it remains in negative territory. August gold futures last traded at $1,716.90 an ounce, down 0.13% on the day. Economists note that the housing sector, a major contributor to U.S. GDP is struggling in the face of two significant headwinds. Rising home prices are pushing many new home buyers out of the market. At the same time the Federal Reserve’s aggressive monetary policy stance is driving mortgage rates higher.
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