U.S. New Home Sales Fall to Seven-Month Low

New U.S. single-family home sales fell in June to their lowest level in seven months and May's sales were revised sharply lower, in what appeared to be a minor setback for the housing market recovery. The Commerce Department said on Friday sales declined 6.8 percent 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.