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On Wednesday, US Commerce Department data had revealed that the sales of newly built single-family homes faltered to a one-year low last month, as the median prices of newly constructed houses kept climbing in context of a flaming timber prices.

Aside from that, latest Commerce Department data pointing towards a perilous outlook in US homebuilding market that had anchored the US economy during the pandemic-led restrictions last year amid a multi-year low mortgage rate, came forth a day after the US National Association of Realtors (NAR) had said in a statement that US existing home sales had tumbled for a fourth straight month in a row in May, while median house prices had spiked to a record.