Home sales slowed slightly in May, as the housing market continues on its bumpy road to recovery.
Sales of existing homes in May slipped 1.5% versus the month prior, the National Association of Realtors said Thursday, to an annualized rate of 4.55 million.
Analysts say that demand among potential homebuyers remains solid, with many having put off purchases during the downturn in the past few years. Home prices remain affordable and mortgage rates are at record lows, but limited access to credit and high downpayment requirements are holding back sales.
Read More: Home sales slow slightly – Jun. 21, 2012.