New home sales unexpectedly slide as prices hit record high

New home sales unexpectedly fell in May as prices climb to record highs. 

Sales of new single-family homes fell 5.9% in May to a seasonally adjusted annual rate of 769,000, according to the Census Bureau and Department of Housing and Urban Development. Last month’s reading was revised down by 46,000 to 817,000. 

Analysts surveyed by Refinitiv were expecting an increase to 870,000 in May. 

The median sales price rose to $374,400 while the average sales price hit $430,600. 
 
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