US new-home sales dropped 7.3% in May to 580,000 units as mortgage rates near 6.59% squeeze affordability and builders pile on discounts to move inventory.

...new home sales have really gone nowhere for four years

US new-home sales dropped 7.3% in May to 580,000 units as mortgage rates near 6.59% squeeze affordability and builders pile on discounts to move inventory.

US new home sales unexpectedly fell in May for the second straight month, hitting a seasonally adjusted annualised rate of 580,000 units, the weakest since January, according to…