Sales of new U.S. homes dropped unexpectedly in May as elevated home prices continue to weigh on affordability and builders rush to replenish inventory.
Purchases of new single-family homes fell 5.9% to a 769,000 annualized pace after an downwardly revised 817,000 in April, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 865,000 rate.
