New Home Sales Drop 1.6%

New home sales fell 1.6% in May, the Commerce Department said Tuesday.

The decline to an annual rate of 915,000 from the previous month was below economists’ forecasts of 924,000, Bloomberg reported.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.