New home sales fell 7.3% from April to a 580,000 annual rate, down 6.8% year-over-year, due to high mortgage rates and affordability issues. Inventory rose 2.3% to 496,000, with months' supply increasing to 10.3. Median home price rose 2.0% to $424,900, while average price jumped 7.8% to $540,600. Existing home sales remain stronger, indicating issues are mainly in new construction.
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