May Existing Home Sales Fall 0.7%, But Remain High

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ales of existing homes fell 0.7% in May from April’s record high to an annual rate of 7.13 million, the National Association of Realtors said Thursday.

And the median home price increased to $207,000 from $205,000, a record, the group said.

NAR did not revise April’s record of a 7.18 million annual rate. The May rate was just below analysts’ forecast of a 7.15 million annual rate, Bloomberg reported.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.

The April numbers compare with total sales last year of 6.78 million, an annual record, Bloomberg reported.