Existing Home Sales Fall in May

Sales of existing home fell 2.2% in May, the National Association of Realtors said Tuesday.

Sales slipped to an annual rate of 5.66 million units, the group said in its monthly report.

A home-purchase tax credit that expired at the end of April may have contributed to the decline, Bloomberg reported.

The decline was in contrast to economists’ forecasts of a rise to 6.12 million annual rate, Bloomberg said.