WASHINGTON — Existing home sales fell 3.8% in May to a seasonally adjusted annual rate of 4.81 million, the second straight monthly decline and the lowest number of sales since November, the National Association of Realtors reported Tuesday.
Sales in April were revised to 5.00 million from the 5.05 million figure reported last month.
Severe weather in the Midwest in April led to fewer contract signings in May, dragging down the national sales number. May sales fell in every region except the West, where they were merely flat.
Economists expected 4.80 million home sales for the month, according to the median estimate from Thomson Reuters.
The median sales price increased for the third month in a row, gaining 3.4% to $166,500 in May from $161,100 in April. The median price was down 4.6% from a year ago.
There were 3.72 million existing homes for sale in May.