A measure of home sales is the highlight of this week’s economic news.
The once red-hot U.S. housing market has slowed drastically as rising mortgage rates kept many home buyers on the sidelines. That has caused sales to slow. Economists surveyed by The Wall Street Journal expect that existing-home sales declined 3.6% in May to a seasonally adjusted annual rate of 5.41 million. That would be the fourth straight month of declines.