Newly built house sales fell in May

(CNN)– Sales of newly built homes fell last month, according to data from the Census Bureau and Department of Housing and Urban Development.

Their report finds new home sales were down 7.3% in May from the prior month to a seasonally adjusted annual rate of 580,000.

It was the second consecutive month new home sales fell and the lowest level since January.

It was also well below economists’ expectations.

An uptick in mortgage rates this Spring has likely kept prospective buyers on the sidelines.