NAR site is a disaster — no press release, Proxy Errors, etc. None of the usual media even has more than a few headlines — WSJ, Bloomberg, AP, and NYT have nothing; Marketwatch has this little blurb:
"The U.S. home and condo resales inched higher in May as prices continued to fall, the National Association of Realtors reported Thursday. Resales of U.S. houses and condos rose 2% to a seasonally adjusted annualized rate of 4.99 million in May from 4.89 million in April. It’s the highest sales pace since February. Economists surveyed by MarketWatch expected sales to rise to 5 million. Resales have sunk 15.9% in the past year and are down 31% from the peak in 2005. The median sales price was down 6.3% compared with a year earlier. Inventories of unsold homes fell 1.4% on a not-seasonally adjusted basis to 4.49 million, a 10.9-month supply."
Here’s what I pulled off of the Bloomberg terminal:
• Resales increased 2% to a 4.99 million annual rate (4.89 million pace in April)
• Median existing house price dropped 6.3% from May 2007
• Sales were down 16% versus May 200.
• About one-third of total sales last month were “short sales” that reflected foreclosures or distressed properties;
• Banks repossessed twice as many homes in May as in the same month last year;
• Inventory of unsold homes at the end of May fell 1.4% to 4.49 million;
• Mortgage Bankers Association’s index of loan applications to purchase homes fell last week to the lowest level in more than five years;
More as soon as I can access the original release . . .
UPDATE: June 26,2 008 11:23am
I see the NAR has finally gotten around to releasing their Housing Data . . .
U.S. May existing-home sales rise 2% as expected
MarketWatch, 10:00 a.m. EDT June 26, 2008
May Existing-Home Sales Show Modest Gain
NAR, June 26, 2008