New Orleans Home Sales at Five Month Low in May

Americans bought fewer new homes in June after sales jumped to a two-year high in May. The steep decline suggests a weaker job market and slower growth could make the housing recovery uneven.

The Commerce Department said Wednesday that sales of new homes fell 8.4 percent last month from May to a seasonally adjusted annual rate of 350,000. That’s the biggest drop since February 2011.

Sales in the Northeast plunged 60 percent in June to the lowest level since November.’

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