WASHINGTON — Fewer people bought previously occupied homes in May, lowering sales to their weakest point of the year.
Home sales sank 3.8 percent last month to a seasonally adjusted annual rate of 4.81 million homes, the National Association of Realtors said Tuesday. That’s far below the roughly 6 million annual sales rate typical in healthy housing markets.
Since the housing boom went bust in 2006, sales have fallen in four of the past five years. Analysts say they expect sales to level off at about 5 million a year. That’s not much better than the 4.91 million homes sold last year, the worst showing in 13 years.
Full Story: May home sales sink nearly 4 pct. to lowest point since November; foreclosure sales decline