U.S. New Home Sales Unexpectedly Tumble To Lowest Level In A Year

A report released by the Commerce Department on Wednesday unexpectedly showed another steep drop in new home sales in the U.S. in the month of May. The Commerce Department said new home sales tumbled by 5.9 percent to an annual rate of 769,000 in May after plunging by 7.8 percent to a downwardly revised rate of 817,000 in April.

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