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Existing Sales Rise, Prices Peak, Time-to-Sell at New Low; Refis on The Upswing

Existing Sales Rise, Prices Peak, Time-to-Sell at New Low; Refis on The Upswing

Existing home sales weren't expected to strengthen in May, in fact analysts were looking for a slight decline. Sales however did manage to recover from a significant April loss while inventories increased slightly and the median sales price rose to a new high. The National Association of Realtors® (NAR) said completed sales of existing single-family houses, townhouses, condos, and cooperative apartments rose 1.1 percent to a seasonally adjusted annual rate of 5.62 million. This was a 2.7 percent year-over-year gain. April's sales had tumbled by 2.3 percent compared to the previous month. Those sales were revised lower still, from the original rate of 5.570 million to 5.560 million. Analysts polled by Econoday had expected sales to be in the annual range of 5.450 million to 5.650 million
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