U.S. new-home sales fall to five-month low, missing estimates

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SALES OF NEW single-family homes in the U.S. dropped 7.8% to a 626,000 annualized pace in May. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER
SALES OF NEW single-family homes in the U.S. dropped 7.8% to a 626,000 annualized pace in May. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER
WASHINGTON – Sales of new United States homes fell to a five-month low in May, adding to signs of weakness in the sector despite lower mortgage rates. Single-family home sales dropped 7.8% to a 626,000 annualized pace that missed all estimates in Bloomberg's survey of economists, from an upwardly revised 679,000 rate in April, government…

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