Industry News

Existing-home sales hit 4-year low

Activity down 10.3% in May as inventory climbs

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The annual adjusted rate of existing-home sales fell to the lowest level in May since June 2003, dropping 10.3 percent compared to May 2006, the National Association of Realtors reported today. The median existing-home price fell 2.1 percent in May compared to the same month last year. Existing-home sales, including sales of single-family homes, townhomes, condominiums and co-ops, hit a seasonally adjusted annual rate of 5.99 million in May, down 0.3 percent compared to April. It was the third straight month of annual sales rate declines. This sales rate is a projection of a single month's sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. The national median existing-home price for all housing types was $223,700 in May, compared with $228,500 in May 2006. The average price in May was $271,500, down 0.8 percent compared with $273,700 in May 2006. According to Freddie Mac, the national average commitment rate for a 30-year...