New-home sales plunge by a lot more than expected

New-home sales in the US fell by much more than expected in April.
Sales slumped by 11.4% at a seasonally adjusted annual rate of 569,000, the Census Bureau said in its monthly report.
Economists had forecast that sales of new single-family homes fell by 1.8% at a seasonally adjusted annual rate of 610,000, according to Bloomberg.
"The seasonally adjusted price of new homes nationwide fell, which is encouraging to budget-conscious buyers, but most of that drop was most likely driven by weakness