Existing-Home Sales in U.S. Probably Dropped to Six-Month Low

Sales of previously owned U.S. homes probably fell in May to the lowest level this year, a sign that housing lags behind other parts of the economy, economists said before a report today.

Purchases fell 5 percent to a 4.8 million annual pace, the fewest since November, according to the median forecast of 69 economists surveyed by Bloomberg News. A 13-year low 4.91 million existing houses were sold last year.