New home sales dropped for the second month in May,
falling below an 800,000 unit pace for the first time in a year. The U.S.
Census Bureau and the Department of Housing and Urban Development said newly
constructed homes sold at a seasonally adjusted annual rate of 769,000 units.
This was a decline of 5.9 percent from the downwardly revised (from 863,000)
rate of 817,000 in April. May sales only outpaced those a year earlier by 9.2
percent, well below the double digit annual increases of the last few months.