New single-family home sales stateside fell in June to their lowest level in seven months and May's sales were revised sharply lower, in what appeared to be something of a minor setback for the housing market recovery.
The U.S. Commerce Department said on Friday sales sagged 6.8% to a seasonally-adjusted annual rate of 482,000 units, the lowest level since last November.
May's sales pace was revised down to 517,000 units from the previously reported 546,000 units. Economists had forecast new home sales, which account for 8.1% of the market, to be unchanged last month.
Sales were up 18.1% compared to June of last year. Despite two straight months of declines in new home sales, the overall housing market recovery remains intact.
