US existing home sales rise 2% in May

Posted on June 26, 2008 by lushhomeonline
The pace of existing home sales in the United States rose in May to a 4.99 million-unit annual rate, the National Association of Realtors said in a report on Thursday that slightly beat analysts expectations.

Economists polled by Reuters were expecting home resales to rise to a 4.93 million-unit pace, from the 4.89 rate initially reported for May.

The inventory of homes for sale shrank by 1.4 per cent to 4.49 million homes or a 10.8 months’ supply at the current sales pace.

Meanwhile, the median national home price declined 6.3 per cent from a year ago to US$208,600. — REUTERS

Source : Business Times - 26 Jun 2008