>By Lucia Mutikani
WASHINGTON | Tue Jun 21, 2011 2:22pm EDT
WASHINGTON (Reuters) – Sales of previously owned U.S. homes hit a six-month low in May and supply rose, pointing to a housing market still struggling to regain its footing.
The National Association of Realtors said on Tuesday that sales slipped 3.8 percent month over month to an annual rate of 4.81 million units, the lowest since November.
It was the second straight month of declines. The drop was smaller than economists had expected, but the April sales figure was revised lower, leaving a report that was largely in line with expectations in financial markets.
While the fall in sales last month was partly due to tornadoes and flooding, with sales in the Midwest and South hit the hardest, it underscored fundamental weakness.
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