Existing Homes Sales Continue to Decline
On Monday, the National Association of Realtors announced that sales of existing homes in May fell to their lowest point in almost four years. Sales fell 0.3% month-over-month to an annualized 5.99 million. These numbers signified the poorest performance since June 2003 and a 10.3% decline from the year before.
Housing inventories also continue to rise. The number of houses on the market reached a 15-year high at almost nine months of sales volumes, a 5% increase over the previous month. On average, prices have been cut by $223,700, a 2.1% year-over-year decline which is also the tenth straight month of price declines.