New Home Sales Fall From Two-Year High

New home sales fell 8.4% in June from a two-year high, led by a record plunge in the Northeast, the Commerce Department said Wednesday.

Sales fell to a 350,000 annual rate, down from May’s 369,000 that had been the highest since April 2010.

The rate was below economists’ median forecast of 372,000, Bloomberg reported.

Purchases fell 60% in the Northeast and 8.6% in the South, while rising in the West and Midwest.

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