New home sales declined for the second month in a row in July, with a 1.7% m/m drop taking sales to a 10-month low. Housing demand is faltering as buyers have been put off by the lack of affordable inventory, and that is taking some of the heat out of house price growth. At 6.5% y/y in June, the FHFA measure of house price gains has slowed to an 18-month low.
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