New home sales fall 0.6% to 342,000 yearly rate

WASHINGTON (MarketWatch) -- Sales of new homes in the United States were essentially unchanged near record-low levels in May as home builders continued to slash their inventories of unsold homes, the Commerce Department estimated Wednesday.

Sales dropped 0.6% to a seasonally adjusted annual rate of 342,000 in May from a downwardly revised 344,000 in April. Seasonally adjusted sales have been essentially flat since January, when they dropped to a postwar record low of 329,000. (more)