National home sales hit lowest level since November

TRD New York /
Jun.June 21, 2011 11:43 AM

National home sales slipped 3.8 percent month-over-month to an annual rate of 4.81 million units, the lowest number since November, according to figures released today by the National Association of Realtors. That is also 15 percent below a 5.68 million pace set in May 2010. 

The association’s chief economist, Lawrence Yun, said the market was constrained by temporary factors as well as reluctance on behalf of the restrictive lending community.  “Current housing market activity indicates a very slow pace of broader economic activity,” he said, “but recent reversals in oil prices are likely to mitigate the impact going forward. The pace of sales activity in the second half of the year is expected to be stronger than the first half.”

The national median existing home price for all housing types was $166,500 in May, down 4.6 percent from May last year. Total housing inventory fell 1 percent to 3.72 million existing homes. 

In the Northeast, home sales declined by 2.5 percent to 770,000 in May, 13 percent below May 2010’s figure. The median price in the region was $241,500, up 6.1 percent year-over-year. —Katherine Clarke


Related Articles

arrow_forward_ios
Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

136 Clinton Avenue (Credit: iStock)

How to sell a haunted listing

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Here’s how much it will cost you to sell your home on an iBuying site

Bringing some sunshine to South Florida’s opaque resi report outlook

Bringing some sunshine to South Florida’s opaque resi report outlook

Georgina Bloomberg and 101 Central Park West (Credit: Getty Images/StreetEasy/Wikipedia)

Georgina Bloomberg buys another co-op at 101 CPW

arrow_forward_ios
Loading...