Home Sales Fall in May

Sales of existing homes fell for a third time in the past five months in May, with the weakness led by a big drop in demand in the Northeast.

The National Association of Realtors said today that sales of previously owned homes dropped 1.2% in May from April, to a seasonally adjusted annual rate of 6.67 million units.

The median price of the homes sold in May rose to $230,000, up 6% from the same month a year ago. That represented a slowdown from double-digit price gains last year, the peak of the housing boom.

Another report showed that consumer confidence recovered slightly in June after falling in May, as shoppers became more optimistic about the economy's future.

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