Sales of new homes sank in May amid continued concerns over high mortgage costs. Here are the main takeaways from the Commerce Department report released Wednesday: —Sales of new single-family homes fell 13.

While price growth has slowed, elevated mortgage rates and rising prices are forcing prospective homebuyers to save more for a down payment. In May, buyers needed an annual income of $91,960 to afford a typical home with a 20% down payment, or nearly 87% more than in May 2019, according to Realtor.com.