A Stern Glance

The Commerce Department reported to day that new residential sales fell slightly last month, in another sign that the housing market’s recovery is likely to be gradual and prolonged.

The Department said that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.

The median sales price of $221,600, was down 3.4 percent from a year earlier but still up 4.2 percent from April.