Home Sales Slide 14.9% in May
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Associated Press
WASHINGTON — New home sales plummeted 14.9% in May, the biggest decline in more than five years, as a sharp spurt in mortgage rates drove first-time home buyers out of the market, the government reported today.
The Commerce Department said new single-family homes were sold at a seasonally adjusted annual rate of 616,000 units in May while the median price of a new home shot up to a record $106,800--the first time the median price of a new home has topped $100,000.
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