U.S. Existing-Home Sales Unexpectedly Fall on Inventory Woes

Sales of previously owned U.S. homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors data showed Wednesday.

The drop in sales was led by declines in purchases of single-family homes and cheaper properties, according to NAR, indicating that the market is being driven by those with higher income and financial assets. Purchases fell in three of four regions.