Existing Home Sales Down Slightly

Existing Home Sales Down Slightly

According to the National Association of Realtors, the pace of existing home sales in the United States was off slightly in May to a 5.99 million-unit annual rate.

The inventory of homes for sale rose 5.0 percent to 4.43 million units at the end of May which represents 8.9 months' supply at the current sales pace.  That is the highest months' supply since June 1992, although the 1992 figure only includes single-family homes while the current data also includes condos.

May saw the 10th straight month in which prices dropped from year-ago levels, with the national median price down 2.1 percent to $223,700.

Homes sales were mixed across the regions with the Northeast seeing a 5.8 percent increase for the month while the Midwest saw a 0.7 percent rise. The West and South reported a drop-off in sales with 0.8 and 3.4 percent declines respectively.