New home sales in USA fall 13.7% in May 2025
WASHINGTON: Sales of new U.S. single-family homes fell by the most in nearly three years in May as high mortgage rates and rising economic uncertainty sapped demand, lifting the supply of unsold houses on the market to the highest level since late 2007. The larger-than-expected decline in sales reported by the Commerce Department on Wednesday added to weak homebuilding and tepid sales of previously owned homes last month in suggesting that housing would subtract from gross domestic product in the second quarter after being neutral in the January-March quarter. The inventory bulge and increased costs because of President Donald Trump’s…