US existing home sales fall again as prices continue to soar

WASHINGTON (AP) — Sales of previously-occupied homes fell for the fourth straight month in May, as soaring prices and a limited number of available properties discouraged many would-be buyers. Existing home sales dropped 0.9% last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday. The string of sales declines comes after sharp gains last fall and through the winter, as many Americans sought more living space during the pandemic. Sales are up nearly 45%  from last May, when purchases fell to their lowest point of the COVID-19 outbreak.