U.S. existing home sales declined 3.6 percent in May compared to May 2008, but increased 2.4 percent compared to April 2009, the National Association of REALTORS® (NAR) reported June 23, 2009.
Existing homes include single-family houses, townhouses, condominiums and co-ops.
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale across the U.S., an amount that represents a 9.6-month supply at the current sales pace and down from a 10.1-month supply in April 2009.
The national median existing home price for all housing types was $173,000 in May, down 16.8 percent from a year earlier. Distressed properties (bank owned and short sales), which declined to 33 percent of all sales in May from 45 percent in April, continued to downwardly distort the median price because such properties generally sell at a discount relative to non-distressed homes.
Existing home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in May 2009 compared to April 2009, but were 10.1 percent below a year ago. The median price in the Northeast was $243,600, a 12.5 percent decline from May 2008.
Existing home sales in the Midwest jumped 9 percent in May, but were 4.4 percent below May 2008. The median price in the Midwest was $145,800, a 10.4 percent drop from a year ago.
In the South, existing home sales were unchanged in May, but were 8.9 percent below a year ago. The median price in the South was $157,400, down 9.9 percent from May 2008.
Existing home sales in the West slipped 0.9 percent in May compared to April, but were 11.8 percent higher than May 2008. The median price in the West was $197,700, down 30.6 percent from a year ago.
Yeah! you are right many people says that existing home sales declined in May compared to May 2008. I think this is the right time to buy properties. I am also planning to do it. Thanks for the informative post.
-joicee-
Posted by: house for sale philippines | June 26, 2009 at 03:29 AM