New-home sales fall to five-month low

New U.S. single-family home sales fell more than expected in July to hit a five month low, new data show, as 2011 shapes up to be worst year on record for the market.

The Commerce Department said on Tuesday sales slipped 0.7 percent to a seasonally adjusted 298,000-unit annual rate, the lowest since February. June's sales pace was revised down to 300,000 units from the previously reported 312,000 units.

The supply of homes available on the market dropped to a record low.

Economists polled by Reuters had forecast sales at a 310,000-unit rate. In the 12 months through July, new home sales rose 6.8 percent.

The Associated Press and Reuters contributed to this report.

Source: http://www.msnbc.msn.com/id/44239703/ns/business-real_estate/

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