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Sales of new homes fell in June for the first time in four months, and the government also lowered figures for May, providing further evidence the high-flying housing market is losing altitude.
The Commerce Department reported Thursday that new home sales fell 3 percent last month to a seasonally adjusted annual sales pace of 1.131 million units. It was the first decline since an 11.5 percent drop in February.
The government also cut its estimate of sales activity in May to a pace of 1.166 million units, substantially below its initial estimate of 1.234 million units.