Us new home sales fall to six-month low

New single-family home sales in the US fell to a six-month low in August in a sign the crippled housing market will not provide much support for the flagging economy any time soon.

The US Commerce Department said sales slipped 2.3 per cent to a seasonally adjusted 295,000-unit annual rate.

The reading was in line with analysts' forecasts and does little to allay fears the US could slip back into recession.

"This is an insignificant Change in new home sales, statistically speaking. The trend in recent months has been dead flat,"said Ian Shepherdson, chief US economist at High Frequency Economics.

Source: CityAM.com