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New-home sales tread water, miss Wall Street estimates

Sales of newly-constructed homes remained steady in June even as the market remains starved for inventory.

New-home sales were at a seasonally adjusted annual rate of 610,000, the Commerce Department said Wednesday. That was 0.8% above May’s 605,000 rate, after a slight downward revision. June’s tally was 9.1% higher than a year ago.

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