The National Association of Realtors reported that sales in May of existing homes declined a modest 0.7% to 7,130M versus the unrevised record during the prior month. Consensus expectations had been for roughly the same decline to 7.15M.

The data reflect closings of home sales in earlier months.

Sales of single-family homes fell 1.1% to 6.210M and were down m/m throughout the country except in the West where they rose 1.4% (-1.3% y/y). Sales in the South slipped 0.8% (+5.6% y/y) and in the Midwest closings dropped 4.7% (0.0% y/y). In the Northeast sales fell 1.2% (+3.7% y/y).

The median price of an existing single family home rose slightly m/m to a record $204,600 (12.2% y/y).

The latest release from the National Association of Realtors is available here.

Fed Chairman Greenspan's Testimony on China is available here.