New home sales plunge as stalled-out housing market leaves buyers frustrated (opens original article in a new tab)

New home sales declined in May as the U.S. housing market remains challenging for buyers due to high mortgage rates and rising home prices. Congress passed a bill to address housing affordability, but President Trump withheld his signature until certain conditions were met.

• New home sales dropped 7.3 percent in May
• Median new home price rose 2 percent to $424,900
• Mortgage rates reached 6.49 percent in May
• Congress passed a bill to make housing more affordable
• President Trump withheld signing the bill until Congress passed his 'SAVE America Act'