WASHINGTON (AP) — Sales of new homes fell for a third straight month in June, dropping by 6.6%. The Commerce Department reports that the June sales decline left sales at a seasonally adjusted annual rate of 676,000. That followed a 7.7% sales decline in May. The median price of a new home sold in May was $361,800, up 6.1% from a year ago. A shortage of homes on the market and rising costs for material such as lumber and also higher labor costs are fueling the price increase.
New Home Sales Down
