According to the Associated Press, sales of new homes sank 33 percent, hitting the lowest level on record. The drop is being attributed to potential buyers ceasing their search once they were no longer eligible to receive any homebuyer tax credits.

The AP reports that the Commerce Department says new home sales fell in May from a month earlier to a seasonally adjusted annual sales pace of 300,000. That was the slowest sales pace on records dating back to 1963.