Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales fell 3.2 percent to a seasonally-adjusted rate of 4.24 million units sold in May. This is a drop from the downwardly revised 4.38 million units sold in April and a 15.4 percent decline from May of 2010. The median price of existing single-family homes rose to the highest level of the year to $166,700 in May, however this is down 4.5 percent from median price of homes this time last year. Throughout the nation, the Midwest experienced the greatest decrease as homes sales and prices fell 23.1 and 8.0 percent, respectively from last year. The National Association of Realtors (NAR) believes that it was temporary factors (such as the rise in gasoline prices and severe weather in April) that held back closings in May. Going forward, the NAR expects the second half of the year to be much stronger than both the first half of this year and the second half of 2010 despite stricter standards within the lending community.