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Existing home sales fall 1.5 percent in May

Reuters - Jun 21, 2012

Home resales fell in May and the median sales price rose only because of a drop in sale of lower priced homes, casting a shadow on the country's nascent housing market recovery.

The National Association of Realtors said on Thursday that existing home sales slipped 1.5 percent to an annual rate of 4.55 million units last month. That was in line with analysts' expectations.

Nationwide, the median price for a home resale rose to $182,600 in May, up 7.9 percent from a year earlier and the highest since June 2010.

"I would attribute this primarily to the shortage of inventories on the lower priced homes," Lawrence Yun, the NAR's chief economist, told reporters.

Yun said sales of homes costing at least $250,000 were up more than 20 percent from a year earlier, but that sales declined for homes priced under $100,000.

Read Full Article from Reuters

- Posted: 2012-06-21 11:05:40


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