Existing home sales fall to 6-month low in May

Reuters News
|
Posted: Jun 22, 2011 1:24 PM
Existing home sales fall to 6-month low in May

WASHINGTON (Reuters) - Sales of previously owned homes fell less than expected in May and prices dropped 4.6 percent from a year ago, a trade group said on Tuesday.

The National Association of Realtors said sales dropped 3.8 percent month over month to an annual rate of 4.81 million units, the lowest since November, after a downwardly revised 5.0 million unit pace in April.

It was the second straight month of declines in home resales. Economists polled by Reuters had expected sales to drop 5.9 percent to a 4.80 million-unit pace from the previously reported 5.05 million-unit rate.

(Reporting by Lucia Mutikani, Editing by Chizu Nomiyama )