The rate of existing-home sales dropped 1.2 percent in May compared to April and fell 6.6 percent compared to May 2005, the National Association of Realtors reported today. The median sales price of existing homes, meanwhile, increased 6 percent from May 2005 to May 2006 while the average sale price rose 3.8 percent in that time. Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- slowed since April to a seasonally adjusted annual rate of 6.67 million units in May. The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity, the association noted. David Lereah, NAR's chief economist, said in a statement, "There's now a clear pattern of slower home-sales activity in many higher-cost markets, which are...
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