US new home sales rise for 2nd straight month

Washington

NEW US single-family home sales increased for a second straight month in June as purchases in the west surged to a near 10-year high, but a dire shortage of properties remains an obstacle to a robust housing market recovery.

The Commerce Department said on Wednesday that new home sales rose 0.8 per cent to a seasonally adjusted annual rate of 610,000 units last month. May's sales pace was revised…