Existing Sales Continue To Decline; Lumber Down Sharply But Still Spendy

Existing Sales Continue To Decline; Lumber Down Sharply But Still Spendy

Existing home sales experienced their fourth consecutive decline in May . The National Association of Realtors® (NAR) said sales of previously owned single-family homes, townhouses, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.80 million, down 0.9 percent compared to April's rate of 5.85 million. The four months of decreasing sales have lowered the annual rate from 6.66 million units in January, a 13 percentage point change. Existing home sales are still 44.6 percent above the 4.01 million pace in May of last year. Single-family home sales dipped 1.0 percent to a seasonally-adjusted annual rate of 5.08 million from 5.13 million in April, up 39.2 percent from one year ago. Existing condominiums and co-ops sold at an annual rate of 720,000 units in May