Publication Date:
Fri, 2012-06-22 15:20
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A limited supply of homes has lead to a drop in the number of existing-home sales in May, but numbers are still ahead of those from a year ago, according to the National Association of Realtors. [1]
Home prices have increased in all regions: The national median existing-home price for all home types rose 7.9 percent to $182,600 in May from a year ago, says NAR.
By the end of May, total housing inventory had slipped 0.4 percent to 2.49 million existing homes available for sale.
Total existing-home sales, or completed purchases that include single-family houses, townhouse, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted rate of 4.55 million in May. That still ranks 9.6 percent above the 4.15 million-unit pace from May 2011.
Other May stats include:
- Distressed homes-- foreclosures or short sales that is, accounted for 25 percent of sales, down from 28 percent in April
- Existing-home sales in the Northeast fell 4.8 percent to an annual level of 590,000
- First-time buyers accounted for 34 percent of purchases, similar to 35 percent in April
