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REAL ESTATE DECISION SUPPORT
Existing home sales decline in May
Publish date
06/26/2012
Source
Housing Wire
Main Category
Economy - US
Article Summary
The National Association of Realtors reports that sales of existing homes declined in May. Attributed to a 0.4% decline in the inventory of existing homes for sale to 2.49 million, or a 6.6-month supply, combined with excessively tight credit conditions and higher down payment requirements, the factors managed to offset the record high affordability conditions and affect a 1.5% decline in the measure from April to 4.55 million. The median price measure, however, increased by 7.7% from May 2011 for single-family homes to $182,900 while the measure for condo properties improved 8.8% in the period to $180,000.
