Both New Home Sales and Prices Drop in May
In May, sales of new homes tumbled for the sixth time in seven months while median prices kept dropping; emphasizing the depth of the
The Commerce Department reported Wednesday that new homes were sold at a seasonally adjusted annual rate of 512,000 units in May which was down 2.5% from the April level. The median price of a new homes sold fell to $231,000 last month, down 5.7% from a year ago.
The report on new home activity in May followed reports Tuesday that showed record home price drops in April, showing that the
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