In January, we saw new home sales hit the lowest mark in 50 years with 309,000 sales. And just when we thought sales were improving with March seeing the fastest increase in 47 years, they’ve turned around again.
According to a new report released by the Commerce Department on Wednesday, despite low mortgage rates, May’s new home sales have dropped lower than those in January with only 300,000 sold. This number represents a 32.7 percent drop from sales in April. Experts believe the drop represents the home buyer tax credit expiration that hit on April 30, 2010 (CNN Money).
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