New Home Sales Fall

WASHINGTON (AP) — Sales of new homes fell in May for a second month, dropping a bigger-than-expected 5.9%. The Commerce Department says last month’s decline pushed sales down to a seasonally adjusted annual rate of 769,000. The median price of a new home sold in May rose to $374,400, up 18.1% from a year ago. The report on new home sales followed a report yesterday from the National Association of Realtors that sales of existing homes fell for a fourth straight month in May.