U.S. New-Home Sales Probably Stagnated as Industry Languished

Purchases of new U.S. homes probably stagnated in June, indicating housing is still languishing two years into the economic recovery, economists said before a report today.

Sales ran at a 320,000 annual pace last month after a 319,000 rate the prior month, economists surveyed by Bloomberg News forecast the Commerce Department will report. Home prices declined from a year earlier and consumer confidence fell in July to a nine-month low, other data may show.