WASHINGTON – The U.S, Commerce Department announced that sales of new single-family homes slipped 6.6% in June to a seasonably adjusted annual rate of 834,000 units. The June sales pace was 2.3 % below a year earlier, and down 40% from the housing market peak in mid-2005.

“Our Housing Market Index now is down to the lowest level since January 2001, when the national economy was in recession,” said Brian Catalde, president of the National Association of Home Builders. Read more.