Sales of existing homes in the United States showed another gain in May, according to the National Association of Realtors. May’s increase was the first back-to-back monthly gain since September 2005.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4% to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6% below the 4.95 million-unit pace in May 2008.
Total housing inventory at the end of May fell 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
Single-family home sales rose 1.9% to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April, but are 3% below the 4.38 million-unit level in May 2008. The median existing single-family home price was $172,900 in May, down 16.1% from a year ago.
Existing condominium and co-op sales increased 6.1% to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9% below the 571,000-unit level in May 2008. The median existing condo price was $173,800 in May, down 21.9 percent from a year earlier.
Regionally, existing-home sales in the Northeast rose 3.9% to an annual level of 800,000 in May, but are 10.1% below a year ago. The median price in the Northeast was $243,600, which is 12.5% below May 2008.
Existing-home sales in the Midwest jumped 9% in May to a pace of 1.09 million but are 4.4% below May 2008. The median price in the Midwest was $145,800, which is 10.4% lower than a year ago.
In the South, existing-home sales were unchanged at an annual pace of 1.74 million in May but are 8.9% below a year ago. The median price in the South was $157,400, down 9.9% from May 2008.
Existing-home sales in the West slipped 0.9% to an annual rate of 1.14 million in May, but are 11.8% higher than May 2008. The median price in the West was $197,700, down 30.6% from a year ago.
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