New Home Sales Plummet After Tax Credit

Following the tax-credit backed sales surge, new home sales dropped 32.7 percent in May, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Year-over-year sales fell 18.3 percent. It was the largest monthly drop and the slowest sales pace since the Commerce Department began keeping records in 1963. The median sales price of new homes sold in May was $200,900. More here and here.