Existing Homes Sales Fall 3.8%

Existing home sales fell 3.8% in May, the National Association of Realtors said Tuesday.

The drop to an annual rate of 4.81 million homes was in line with economists’ forecasts of 4.8 million, Bloomberg reported.

The median price of existing homes fell 4.6% from a year ago, to $166,500.

  Sales fell in three of four national regions, led by a 6.4% drop in the Midwest