U.S. New Home Sales in May Hit Lowest Since November, Home Prices Fall Year-on-Year, Inventory Hits 2008 High

U.S. new home sales in May fell 11.3% month-on-month, compared to an expected decline of 0.2%. The median new home price dropped 0.9% year-on-year to $417,400. The supply of new homes for sale increased to 481,000 units, the highest level since 2008.