New home sales tumbled 12.6 percent in July, reporting a new record low after reaching their lowest level since April 2020 last month, according to data released on Tuesday by the Census Bureau.
The numbers reveal that the housing market is “in a sorry state,” a Pantheon Macroeconomics expert told Newsweek.
The economic research consultancy led by economist and founder Ian Shepherdson conducted its own analysis of the housing market and forecasted new home sales to drop from 590,000 to 550,000 units in July. The data now shared by the Census Bureau paints an even grimmer picture.
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