Existing Home Sales Fell Unexpectedly in May

Washington, DC, June 22, 2010--Home resales fell 2.2% to a seasonally adjusted annual rate of 5.66 million in May, according to data released Tuesday by the National Association of Realtors.

Economists were expecting sales to rise about 6% to a 6.11 million annual rate, speculating that the expiration of the tax credit at the end of June would force some buyers to rush ahead.

Inventories of unsold homes fell 3.4% to 3.89 million, an 8.3-month supply at the May sales pace. The median sales price in May was $179,600, up 2.7% from a year ago.