Prices of new US homes hit record high as sales fall unexpectedly

Sales of new homes in the US fell unexpectedly last month, while prices broke a new record.

Sales of new single-family homes in the United States fell last month while prices continued to spike to record highs, with eager house hunters vying to become homeowners in a seller’s market. Sales of newly constructed single-family homes declined 5.9 percent from April’s revised level, the US Department of Commerce said on Wednesday, with 769,000 new homes sold. May’s fall-off came as a surprise and marks the second straight monthly decline.