New Home Sales Drop to 17-Year Low

New home sales dropped 11.5% in July to the lowest since January 1991, the Commerce Department said Thursday.

Sales fell to an annual pace of 460,000, from a revised 520,000 in July, Commerce said.

Economists forecast a level of 510,000, Bloomberg reported.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.