Existing Home Sales Drop

he sales of existing homes decreased in May with the median price of homes leveling out to a relatively normal rate.

Total existing home sales were down slightly by 1.2% to a seasonally-adjusted annual rate of 6.67 million units in May, according to the National Association of Realtors.

The sales were 6.6% lower than May of 2005, when sales were at the 7.14 million-unit level.

The national median price of an existing home was up by 6.0% to $230,000. Last May, the median was at $127,000.

The surplus levels of existing homes on the market increased by 5.5% to 3.60 million homes for sale. The number represents a 6.5 month supply at the current sales rate.

Existing condominium and cooperative housing sales grew 1.9% to a seasonally adjusted annual rate of 852,000 units in May. Condo and coop sales remain 6.6% under the unit pace of May 2005, when sales hit 912,000.

The median price of an existing condominium was up 1.9% at $229,300 in May, when compared to one year ago.

Single-family home sales were down 1.5% when compared to April sales, and 6.6% lower than May of 2005.

The price of the median existing single-family home was up 6.4% to $229,700 when compared to May of 2005.

Sales declined in both the Northeast and Midwest, but increased slightly in the South and West regions of the nation.