U.S. new home sales hit seven-month low

Newly-built single-family home sales in the US have fallen to their lowest level in seven months.

Figures from the Commerce Department show that the seasonally-adjusted annual rate of sales was 482,000 in June, a drop of 6.8 per cent. Experts were forecasting an unchanged rate.

Although resales south of the border have shown strength recently there is caution among buyers as the Fed prepares to increase interest rates. 

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