US home resales down at 11-month low; jobless claims up a tad
Cooling in housing activity reflects supply constraints rather than ebbing demand
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.
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
OUE Reit selling Crowne Plaza Changi Airport for S$500 million; unitholders to get special payout
Asean must retain more value as its digital economy races towards US$2 trillion: Indonesian minister