Lower Home Prices Lure Home Buyers In May
Existing home sales rise 2.4% to 4.77 million, with fewer distressed sales
June 23 2009 - Falling prices boosted sales of pre-owned homes in May to the highest level since October, the National Association of Realtors estimated Tuesday.
Existing-home sales rose 2.4% to a seasonally adjusted annual rate of 4.77 million, the trade group said. Sales have risen in three of the past four months, and are down 3.6% in the past year.
The sales increase was less than the 4.85 million rate expected by economists surveyed by MarketWatch.
The median sales price fell 16.8% in the past year to $173,000, the third largest year-over-year decline on record. The median sales price fell 30% in the West.
The first back-to-back sales increase in more than three years is welcome news, said Lawrence Yun, chief economist for the NAR. Higher sales should help stabilize prices, he said. A full-fledged economic recovery depends on healthy housing market, he said.
Lower prices lure home buyers in May
May 2009 Existing Home Sales Rise
California’s Housing Tax Credit Could Already Be Depleted
© relistr.com privacy policy