May home sales inch higher with record-few on the market and biggest annual price drop since 2011

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, even as the supply of available properties sank to an all-time low. Existing home sales rose 0.2% last month from April to a seasonally adjusted annual rate of 4.3 million, the National Association of Realtors said Thursday. That’s slightly above what economists were expecting, according to FactSet. Sales sank 20.4% compared with May last year. That marks 10 consecutive months of annual sales declines of 20% or more. The national median home price fell 3.1% from May last year to $396,100, the NAR said.