US home resales down at 11-month low; jobless claims up a tad
Cooling in housing activity reflects supply constraints rather than ebbing demand
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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.
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