New figures from The Commerce Department revealed that the housing market south of the border has not yet turned a corner.

Despite generally positive news on the U.S. economy and some good indicators on the housing market in general, the stats show that sales of new homes fell to their lowest level in four months; down 2.4 per cent to 412,000 units (seasonally adjusted figures). 

The prognosis is good though, with higher levels of supply and a moderation in prices expected to boost sales in the months to come.

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