Last month, the annual rate of new home sales dropped to the lowest level since last year. Activity in the Northeast led the decline.

Sales of new single-family properties totaled 49,000 during July. The metric is preliminary and could be subsequently revised.

The latest activity brought to 378,000 the number of new U.S. residential properties that were sold between Jan. 1, 2017, and July 31.

Source: Mortgage Daily