The sales rate of new single-family homes dropped in May to the lowest level for that month since 2001, the U.S. Census Bureau and Department of Housing and Urban Development reported today, and fell 15.8 percent compared to May 2006. The agencies reported a seasonally adjusted annual rate of 915,000 new single-family home sales in May, compared to 930,000 in April and 1.09 million in May 2006. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The May 2007 annual adjusted sales rate is the lowest since May 2001, when it was 884,000. On Monday, the National Association of Realtors trade group reported that the annual adjusted rate of existing-home sales dropped 10.3 percent and the median existing-home price fell...
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