New home sales rise in June after two months of declines

Sales of new homes increased to an annualized rate of 646,000 in June after two months of declines, according to the Census Bureau and the Department of Housing and Urban Development. June’s rate was 7% higher than May’s downwardly revised rate of 604,000 and 4.5% higher than a year earlier when it was 618,000. TIAA Bank Executive Vice President John Pataky said a rate cut at the Federal Reserve’s FOMC meeting next week might boost the market.