UBS noted new US home sales were down 30% in four months.
"Higher mortgage rates and declining affordability are weighing on building activity and sales, in line with our view," the bank said.
"April's drop in new home sales may somewhat exaggerate the weakening, but the downtrend is clear. The general trend lower in new home sales should show through to housing starts and permits data more clearly in coming months."
Nickel was the worst performer, down 4.3% to $26,504 per tonne as Russia's Norilsk Nickel reportedly said its exports were not impacted by sanctions and it expected the nickel market to be in surplus this year.
Aluminium dropped 2%, while copper, tin and lead each dropped more than 1%.