Pace is slowest in nearly two years as sales drop by 3.4 percent to an annualized rate of 5.4 million.

• Sales fall in three of the four regions, and are most pronounced in the Midwest and West, where they are off by 5.3 percent apiece.
• Number of homes sold this year has been lower every month vs. the corresponding period last year.
• Inventory of available homes improves to 1.16 million in May. The 2.6-month supply is nearing the 3.2-month average of the past four years.
• Home prices continue to rise, with the existing home median and average prices up 14.8 percent and 9.2 percent respectively over last year.
• The South leads all regions with a year-over-year increase of 22 percent for a median-priced home, with the other three regions weighing in with single-digit price gains.
• Median home prices by region range from a low of $282,000 in the Midwest to a high of $523,000 in the West.

Pace of existing home sales is slowest in nearly two years.