U.S. New Home Sales Unexpectedly Plunge To More Than One-Year Low

New home sales in the U.S. unexpectedly showed another steep drop in the month of June, according to a report released by the Commerce Department on Monday. The report said new home sales tumbled by 6.6 percent to an annual rate of 676,000 in June after plunging by 7.8 percent to a revised rate of 724,000 in May.

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