US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday. Sales also fell 2.8% compared with May last year. The median U.S. home price climbed compared with a year earlier for the 11th month in a row to record $419,300.