Fred Business News - New home sales remained near historically low levels in May, as the housing market continues to struggle with a huge oversupply of housing inventory.

The Census Bureau reported Wednesday that May sales of new single-family homes came in at a seasonally adjusted annual rate of 512,000, down 2.5% from April's revised reading of 525,000.

"The market is still very much in distress," said Jared Bernstein of the Economic Policy Institute. "We are closer to the bottom than we were a year-and-half ago, but we're ...   more »