Existing Home Sales Fall Again (May 2011)

The National Association of Realtors reported that Existing-home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April. This is off 15.3% from May 2010 when sales were running at a 5.68 million pace.

The national median existing-home price for all housing types was $166,500 in May, down 4.6% from May 2010. Distressed homes accounted for 31% percent of sales in May, down from 37% in April. An NAR survey found that Distressed homes “typically sold at a discount of about 20%.”

The chart below reveals the seasonal pattern by showing actual sales numbers prior to any adjustments:


Existing Home Sales (Non Seasonally Adjusted)

click for ginormous chart

Chart courtesy of Calculated Risk

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