Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

After slipping in April, existing-home sales fell again in May compared to the month before, according to the latest monthly report from the National Association of Realtors. Completed sales of existing single-family homes, townhomes, condominiums and co-ops declined 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5 million in April, the report said. Sales fell 15.3 percent compared to May 2010 when the deadline for a federal homebuyer tax credit program helped fuel sales. The national median price for existing homes fell 4.6 percent year-over-year last month, to $166,500. Distressed properties, typically sold at a discount, made up 31 percent of sales in May, down from 37 percent in April and flat from May 2010, the report said. Lawrenc...