Washington

SALES of new single-family homes in the United States fell to near a one-year low in September after two straight months of gains, suggesting a temporary cooling in the market for new houses. The Commerce Department said on Monday sales dropped 11.5 per cent to a seasonally adjusted annual rate of 468,000 units, the lowest level since November 2014.

August's sales pace was revised down to 529,000 units from the previously reported 552,000 units. Economists polled by Reuters had forecast new home sales, which account for 7.8 per cent of the market, slipping to a rate of 550,000 units. Sales were up 2.0 per cent compared to September of last year.