New home sales plunge to a 7-month low
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Flickr/Garreth Wilcock
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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.
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