May New Home Sales Fall 2.1% to 319,000 Rate

WASHINGTON — New home sales fell 2.1% in May to a seasonally adjusted annual rate of 319,000, as the number of new homes for sale dropped to a record low, the Commerce Department reported Thursday.

Sales in April were revised higher to 326,000 from 323,000.

Economists had expected 310,000 sales.

The inventory of new homes for sale dropped to a record low 166,000 from 172,000 in April.

The median new home price increased 2.6% to $222,600, the highest level since January. The median price is down 3.4% from last May.

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