Sales of previously owned homes in the United States rose at a slower-than-expected pace in May, an industry survey showed Tuesday, pointing to a sluggish recovery from the severe economic recession.
The National Association of Realtors said sales rose 2.4% to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April. The May reading was below market forecasts for a 4.81 million-unit pace. However, sales increased for a second straight month.
The inventory of existing homes for sale fell 3.5% to 3.8 million. The median national home price fell 16.8%, the third largest drop on record, from the same period a year-ago to $173,000.
source: foxbusiness.com
View Naples Luxury Homes for Sale
