Existing Home Sales Edged Up in May

Washington Post (06/27/08) P. D8; Crutsinger, Martin
The National Association of Realtors reports that sales of previously owned homes rose 2 percent in May to a seasonally adjusted annual rate of 4.99 million units, but the increase still leaves sales down 15.9 percent from the pace in May 2007. The median price slid to $208,600, down 6.3 percent from a year ago. Moreover, the nation's supply of unsold homes fell 1.4 percent to 4.49 million units; it would now take 10.8 months to sell the inventory at the May pace, compared with 11.2 months in April. "Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets," says NAR chief economist Lawrence Yun.