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 at an annual rate of 546,000 – the highest level since February 2008.
"While the June report is disappointing, new home sales represents a small portion of total home sales (just 8%), and has not been representative of the rest of the housing market which has been impressive," wrote BNP Paribas' Bricklin Dwyer in a note to clients.
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