New Home Sales | featured news

Sales of new homes dropped a record 32.7 percent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries of a slowing economic recovery.

New home sales soared in April as homebuyers rushed to claim the tax credit that expired at the end of the month.

Better weather and government incentives help March sales rebound from record low.

Sales of new homes in the US fell to their lowest level on record in February, figures show.

The 11.2 percent plunge confounded forecasts as transactions were at an ebb unseen since record keeping began in 1963.

Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky.

Sales of newly built U.S. single-family homes unexpectedly tumbled 3.6 percent in September in their first drop since March, but the inventory of new homes available at the end of the month shrank to the smallest in 27 years, government data showed on Wednesday.

Price cuts and tax credits provide a boost.