New home sales plunged 32.7% in May to a seasonally adjusted annual rate of 300,000, a record low, as the median sales price fell and supply increased to the highest level in almost a year, the Commerce Department reported yesterday.

Sales in all four geographical regions fell by at least 23%, with those in the West dropping 53.2% to an annual pace of 51,000 — another record low. Records date back to 1963.

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