Home Sales Hit Slowest Pace in 4 Years

Monday June 25, 6:36 pm ET
By Martin Crutsinger, AP Economics Writer Sales of Existing Homes Drop for Third Straight Month to Slowest Pace in 4 Years; Prices Down WASHINGTON (AP) -- Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years as the median sales price declined for a record 10th consecutive month.

In a troubling sign for the future, the inventory of unsold homes shot up to the highest level in 15 years, meaning more downward pressure on prices in the months ahead until the inventory glut is reduced.