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Sales of new single-family home sales recovered solidly in June, according to fresh data from the Commerce Department. But new home sales for May, April and March were all revised down. In a separate report, a key gauge of U.S. manufacturing dropped to its lowest level since September 2009.
“There is no evidence here to change the narrative that the response of the housing market to lower mortgage rates has been underwhelming,” John Ryding, chief economist at RQD Economics, told Reuters.
