Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of Realtors®.
existing home sales
Home Sales Drop After Seeing Gains
Existing-home sales fell 9.6 percent in February percent to a seasonally adjusted annual rate of 4.88 million, from an upwardly revised 5.40 million in January, NAR says. The sales rate is 2.8 percent below this time last year. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the problems of unnecessarily tight credit and continuing appraisal problems,” NAR Chief Economist Lawrence Yun says.
Pending Home Sales Ease Slightly
NAR’s™ forward-looking index for January is down 2.8 percent, suggesting existing-home sales will remain relatively stable in the months ahead. Rising oil prices from unrest in oil-producing regions is starting to pose a concern.
Existing-Home Sales Rise Again
The uptrend continues for a third consecutive month at a pace that is now above year-ago levels.
