Citing supply constraints rather than softening demand, the National Association of Realtors released a report Thursday morning showing a slightly bigger than expected drop in U.S. existing home sales in the month of May.
NAR said existing home sales fell by 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April. Economists had expected a slightly more modest decrease to an annual rate of 4.57 million.
by RTT Staff Writer
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