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Tuesday, June 22, 2010

Existing Home Sales Fall Unexpectedly in May - CNBC

Existing Home Sales Fall Unexpectedly in May - CNBC

Despite the weak sales, the supply of previously owned homes on the market fell 3.4 percent to 3.89 million units. At May's sales pace, that represented a supply of 8.3 months, compared with April's 8.4 months.

The national median home price rose 2.7 percent from May last year to $179,600, the highest level since July.

The decline in sales last month was broad-based, with sales of single-family dwellings sliding 1.6 percent. Condominiums and co-ops dropped 6.8 percent.


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