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:

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Existing Home Sales (Non Seasonally Adjusted)

click for ginormous chart

Chart courtesy of Calculated Risk

Category: Real Estate

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5 Responses to “Existing Home Sales Fall Again (May 2011)”

  1. VennData says:

    Once again, the drop is less than expected.

    — Lawrence Yun

  2. VennData says:

    I am sick of the naysayers referring to “Dwellings Prices!”

    Dwellings are for Dweebs. Americans want a home, hearth and happiness. You love your home, think of your local full-fee realtor as your own personal matchmaker. Our new slogan at the NAR…

    “You’re a real American if love your home and don’t care if dwelling prices dwop.”

    – Lawrence Yun

  3. Bob A says:

    I don’t doubt sales suck… but I’ve seen more ‘Sold’ signs pop up this month than I’ve seen in the last 3 years.
    It’s a change. Don’t know how long it will last or maybe it’s just a June wonder.
    (microsoft area)

  4. rktbrkr says:

    Interesting articles about foreigners, especially Brazilians buying up places in FL (low prices, strong Real currency)

    Only Canadians and northern europeans can get US visas without a hassal (to minimize one way visas)

    I don’t think there are any restrictions on foreigners buying US RE, does anybody know if owning US real estate gets Latin americans and others outside the small circle of euro, Canada and Australia visa prefernce. Just curious..

    Gary Schilling advocated giving foreigners green cards (most citizenship rights and a path to full citizenship) but thats not the same

    TIA

  5. [...] of April, which is usually the beginning of the best six months of the year for home sales. (See this chart of Non Seasonally adjusted Existing Home [...]