Stocks fell on Wednesday as data showed new home sales dropped to a record low in May and investors were cautious before Federal Reserve comments on the economy. The S&P home builders ETF fell to its lowest in more than four months after release of the housing data before reversing the losses. The phase-out of a popular tax credit contributed to the 32 percent drop in sales.
Wall Street falls on home sales, Fed on tap
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Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.