Sales of existing homes in the United States fell 1.7 percent in May from the previous month to a seasonally adjusted rate of 6.67 million, the National Association of Realtors has said.

The decline was less steep than private economists’ forecasts of 6.61 million units, but still a sign of economic cooling as higher mortgage rates dampen the housing market.

Sales of existing homes fell 6.6 percent from a year ago.

Inventories rose 5.5 percent at the end of May to 3.60 million units, which represents a 6.5-month supply at the current sales pace.
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