WASHINGTON – Sales of new single-family homes slipped 1.6% in May to a seasonally adjusted annual rate of 915,000 units, according to the U.S. Commerce Department. According to the National Association of Home Builders (NAHB), this is the latest indication that the housing market remains in a correction phase.

“Builders are continuing to offer incentives in order to shore up sales and work down their inventories as home buyer demand remains slack,” said Brian Catalde, president of NAHB and a homebuilder from El Segundo, CA.

David Seiders, NAHB chief economist said, “The gradual decline in new-home sales is still underway, and we expect this trend to continue as the market approaches the bottom.”

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