India, June 25 -- A report released by the Commerce Department on Wednesday showed a substantial pullback by new home sales in the U.S. in the month of May.
The Commerce Department said new home sales plunged by 13.7 percent to an annual rate of 623,000 in May after spiking by 9.6 percent to a revised rate of 722,000 in April.
Economists had expected new home sales to tumble by 7.1 to an annual rate of 690,000 from the 743,000 originally reported for the previous month.
The steeper than expected drop by new home sales partly reflected weakness in the South, where new home sales plummeted by 21.0 percent.
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New home sales in the Midwest and West also slum...