Sales of U.S. single family homes in May plunged a whopping 13.7 percent from April, according to data released Wednesday from the U.S. Commerce Department.

The sales of 623,000 units in May dropped 6.3 percent from the same month of 2024, and far under the 6-month average of 671,000 units sold.

This occured as interest rates remained high, despite recent criticisms from the White House that the Federal Reserve should cut rates.

Fed rates remained high on fears that inflation, which surged under the previous administration, could increase.