Existing-home sales ran at a seasonally-adjusted annual 5.43 million rate in May, down 0.4% from April, the National Association of Realtors said Wednesday.
Sales of previously-owned homes fell for the second straight month, as a supply shortage continues to bite the market. In May, sales were 3.0% lower than a year ago, and April’s selling pace was revised down.
The median forecast among economists surveyed by MarketWatch was for a 5.52 million pace.
Conditions in the housing market haven’t shifted much in recent years. There aren’t enough homes to buy, whether existing or new, so prices for the little inventory that is available get bid up, keeping homes out of reach, and on and on.