Yesterday, the U.S. Commerce Department released data on the sales of new single-family homes. According to the report, new home sales fell 8.4 percent in June to their lowest level in five years. There are a number of causes for this, including lack of inventory, banks holding onto seized properties, and scarce lending to potential homebuyers.
I dug further into this report with Tracy Byrnes and Ashley Webster at FOX Business’ Markets Now, where I explain what this data means for the housing market going forward. Push play to see what I had to say: