-Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years
-The median price of an existing home sold last month fell to $223,700, down 2.1 percent from a year ago – the 10th straight price decline compared with a year ago, the longest stretch on record.
-Sales fell by 0.3 percent in May to a seasonally adjusted annual rate of 5.99 million units
-Sales now stand 10.3 percent below where they were a year ago.
-Sales also fell in the West, dropping 0.8 percent.
-The National Association of Home Builders reported earlier this month that builder sentiment dropped in June to the lowest reading since February 1991
-Trimming their forecasts, the Realtors now expect existing home sales will fall by 4.6 percent this year, down from a previous forecast of a 2.9 percent drop.
-They expect the median price of a home to fall by 1.3 percent this year, which would be the first annual price decline on record.
