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LOS ANGELES (AP) -- 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.
Sales of previously occupied U.S. homes fell 0.7% in May from the previous month to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday.
Existing home sales also fell 2.8% compared with May last year. The latest sales still came in slightly higher than the 4.07 million pace economists were expecting, according to FactSet.