The Commerce Department said Wednesday that newly built homes sold at a seasonally adjusted annual rate of 553,000 last month. The annual rate of home sales has dropped 15.3 percent since May.
Builders had assumed that a stronger economy would push up sales, yet a greater share of new construction is going unpurchased. There is a 7.1-month supply of new homes on the market, the highest level since .
Average 30-year mortgage rates have climbed to 4.85 percent, from 3.88 percent a year ago, according to mortgage buyer
The average sales price has slumped 0.6 percent from a year ago, to $377,200.