U.S. Home Sales Drop for Fourth Month in Row

Home sales in the United States continued to decline for the fourth consecutive month during May, data showed on Tuesday.

Existing home sales fell by 0.9% last month to a seasonally adjusted annual rate of 5.80 million units, according to the National Association of Realtors.

Resale activity soared by 44.6% on an annual basis.

The median existing house price surged by a record 23.6% to $350,300, reaching a new record high.