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Existing-home sales fell for the fourth straight month in May, sliding to a two-year low as median prices topped $400,000 nationally for the first time ever, according to the National Association of Realtors (NAR).

Total sales ended May at a seasonally adjusted annual rate of 5.41 million, down 3.4% from April and down 8.6% from May 2021. That level of sales is the lowest since June 2020, although it still managed to edge out projections from a Reuters poll of economists, who predicted a pace of 5.40 million units. Single-family home sales decreased to a pace of 4.8 million units, down 3.6% monthly and 7.7% yearly, while sales of condominiums and co-ops slowed to a rate of 610,000 units, down 1.6% monthly and 15.3% yearly.