–Sales Pace Revised Lower In March and April
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales fell
32.7% in May to a record low 300,000 seasonally adjusted annual rate,
well below expectations and following downward revisions to the gains in
March and April, data released Wednesday by the Commerce Department
showed.
Analysts had expected a smaller drop in sales to a 400,000
seasonally adjusted annual rate on the expiration of the home buyer tax
credit.
On an unadjusted basis, new home sales were down 36.4% from April
and down 17.6% from a year ago.
Home sales fell in all four regions of the country after gains in
those regions in March and April.
The supply of homes for sale fell 0.5% to 213,000, the lowest level
since November 1970. However, the large sales drop pushed the months
supply up to 8.5 months in May from 5.8 in April, but down from 9.5
months a year ago.
The median sales price fell 1.0% to $200,900 in May, and was down
9.6% from a year ago.
** Market News International Washington Bureau: 202-371-2121 **
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