By Martin Crutsinger
Associated Press
WASHINGTON – Sales of existing homes fell for a third straight month
in May, dropping to the lowest level in four years, an industry group reported
yesterday. It also said the median sales price declined for a record 10th
consecutive month.
Moreover, the inventory of unsold homes shot up to the highest level
in 15 years, meaning more downward pressure on prices in the months ahead
until the inventory glut is reduced.
Sales fell 0.3 percent in May to a seasonally adjusted annual rate of
5.99 million units, the National Association of Realtors said. Sales now
stand 10.3 percent below where they were a year ago.
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