The National Association of Realtors reports that existing home sales fell 3.8% to 4.81 million units in May, that’s from a downwardly revised 5 million units in April.
* Sales were down 15.3% from a year ago. The median home price $166,500, that is down 4.6% year-over-year -- largely due to distressed sales.
* Distressed Sales sales made up 31% of the market in May, down from 37% in April.
* Inventories fell 1% to 3.72 million units representing a 9.3 month supply.
* All cash transactions grew to 30% of the market. while first-time home buyers dropped to 35% of the market.
* Single families sales fell 3.2%.
* Condos, down 8.1%.
According to Housingviews.com, the report came in about as expected, to help reduce market fears that the housing sector recovery has reversed course.
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