Washington
US home resales unexpectedly fell in July to an 11-month low as a chronic shortage of properties boosted prices, the latest sign that the housing market recovery was slowing.
The cooling in activity reflects supply constraints rather than ebbing demand, which is being driven by a strong labour market. Other data on Thursday showed a slight increase in the number of people filing for unemployment benefits last week.
"Housing is far from being the economy's growth star," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto. "It's not even a major supporting actor."
The National Association of Realtors said that existing home sales fell 1.3 per cent to a seasonally...
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