Sales of new single-family homes plunged 11.5% to a 460,000 seasonally adjusted annual rate in August, according to data released by the Commerce Department yesterday.

The August figure came after an upwardly revised 520,000 rate in July, a 4.0% rise originally reported as a 2.4% increase to 515,000. Thomson Reuters’ poll of economists had predicted a 510,000 sales level for July.

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