Home sale slows in May

On new home sale reported by commerce dpt: Sales of new single-family homes plunged 33% in May to a record-low level. Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records began in 1963. April's sales pace was revised down to 446,000 compared with the 504,000 originally reported. March's sales were also revised lower.

For existing home: The National Association of Realtors said sales fell 2.2 percent month over month to an annual rate of 5.66 million units from an upwardly revised 5.79 million-unit pace in April.

Foreclosed properties and short sales accounted for 31 percent of transactions last month, the Realtors group said, with first-time buyers representing 46 percent.
Despite the weak sales, the supply of previously owned homes on the market fell 3.4 percent to 3.89 million units. The national median home price rose 2.7 percent from May last year to $179,600, the highest level since July.