DECLINING NEW HOME SALES IN PENNSYLVANIA MIRROR NATIONAL TREND

Sales of new, single-family homes across the country dropped last month over 12-and-a-half percent. The data released Tuesday by the U.S. Commerce Department and HUD says high prices and rising mortgage rates scared off buyers. Economists at PNC Financial Services Group based in Pittsburgh say the forecast for Pennsylvania is declining as well, but not by as much.  They expect a report for new home sales will report an eight-and-a-half percent monthly decrease for July.