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New home sales plunge to a 7-month low

Akin OyedeleJul 24, 2015, 19:30 IST

Flickr/Garreth Wilcock

New home sales plunged in June.

According to the Census Bureau, sales of newly constructed homes fell 6.8% month-over-month at an annual rate of 482,000, the lowest level since November.

Economists had estimated that new home sales grew 0.3% month-over-month at an annual rate of 548,000, according to Bloomberg.

In May, new home sales jumped 2.2% month-over-month to an annual rate of 546,000 - the highest level since February 2008.

More to come ...