Existing home sales rise on price drop

Realtors' group says the number of existing homes sold in May gained 2% to an annual rate of nearly 5 million.

NEW YORK (CNNMoney.com) -- Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.

The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.

But sales remain 16% below the 5.93 million-unit pace in May 2007, the report showed. And Thursday's report marks only the second time in 10 months that sales have increased.

For the rest of the article go here.

There is even a little blurb about Sarasota, Florida in the article and how our sales have increased. From an inventory standpoint things are looking good. It appears as though we have peaked. In the luxury market for example, today's inventory of homes and condos are 15% off the highs. The market is stabilizing.

 

 

 

Date: Thursday, June, 26th 2008 @ 02:13:22 PM
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