Existing Home Sales Drop 0.3%

Existing homes sales fell in May to the lowest level in four years, while the median home price dropped for a record 10th consecutive month, the Associated Press reported.

The National Association of Realtors said Monday that that sales of existing single-family homes and condominiums fell by 0.3% to 5.99 million units last month, the slowest sales pace since June 2003.

The median price of a home sold last month fell to $223,700, down 2.1% from a year ago. It marked the 10th straight year-to-year price decline, the longest stretch of weakness on record, AP reported.