Sales of new-construction homes plunged in May as prices edged up and buyers recoiled from mortgage rates stuck in the mid-6% range. Contract signings for newly built homes fell to a seasonally adjusted annual rate of 580,000 in May, down 7.3% compared to April, the U.S. Census Bureau and Department of Housing and Urban Development reported on Wednesday. The May figure was also down 6.8% from a ye…
New-Home Sales Tumble in May as Mortgage Rates Remain High
