The National Assocaition of Realtors released the data for May  Existing Home Sales today. Fo r the past 3 months the residential aales are up 2.4% and rising.   A NAR survey of Realtors® in May indicated that more move-up buyers are coming into the market with First-Time buyers now at 29% of the market.  Distressed properties such as Short Sales and Foreclosures dropped to 33% of all sales from 45% in April.  The NAR chief economist, Lawrence Yun, believes that “Pending home sales indicated much stronger activity, but some contracts are falling through from faulty appraisals that keep buyers from getting a loan.”

 May National Sales

Existing Home Sales:       Up 2.4% from April to 4.77 mil units, but down 3.6% from May 2008

Inventory:                           Fell 3.5 % to 3.8 million units, a 9.6 month supply, down from 10.1 months in April

Median Price:                    $173,000 down 16.8% from May 2008      

 Regional Sales

Midwest:                             +9.0% from last month and -4.4% from last year.  Median price =   $145,800  down 10.4% from May 2008

Northeast:                          +3.9% from last month and -10.1% from last year.  Median price = $243,600 down 12.5% from May 2008

South:                                   Unchanged from last month and -8.9% from last year.  Median price = $157,400 down 9.9% from May 2008

West:                                    -0.9% from last month and +11.8% from last year.   Median Price = $197,700 down 30.6 from May 2008

 Read NAR’s press release at    http://www.realtor.org/press_room/news_releases/2009/06/ehs_continue?LID=RONav0021 

Read CNN Money news story at   http://money.cnn.com/2009/06/23/real_estate/existing_home_sales/index.htm?postversion=2009062310

Certifeid Disctresssed Property Experts- Don and Kathy Vallee wiht RE/MAX All Executives contact (520)219-1024. www.CallToAvoidForeclosure.com

CDPE of Tucson Arizona

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