Home Sales
Home Sales Decline
The National Association of Realtors® reported today that Existing-home sales were down in May. Existing-home sales fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are 15.3 percent below a 5.68 million pace in May 2010.
Existing-home sales in the West were unchanged at an annual pace of 1.17 million in May but are 10.0 percent lower than a year ago. The median price in the West was $192,300, which is 12.6 percent below May 2010.
Naturally, the National Association of Realtors®, implies that severe weather conditions in parts of the country and tough qualifying conditions for new mortgages were him part, to blame for the sales decline.
One should keep in mind,that seasonally, this is the strongest marketing time for real estate. Also, interest rates are near historic lows, and there is a large inventory of homes for sale.
San Diego downtown condos
Housing is very important. When people move, they generate all kinds of economic activity as they buy new furniture and appliances, remodel, repair, do landscaping, etc. Also, in a normal economy without a huge backlog in homes, there is always a need to build new homes.