May Existing Home Sales Decline Unexpectedly: Down 2.2% to 5.66M
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Sales of existing homes last month dipped unexpectedly, signaling that the housing market's government-administered shot in the arm could be fading faster than previously anticipated.
The National Association of Realtors said Tuesday that the sales of previously occupied homes fell 2.2 percent in May to a seasonally adjusted rate of 5.66 million. Economists had expected existing home sales to increase 6.1 percent to a seasonally adjusted rate of 6.12 million. Traders and economists alike are concerned that the housing market could plunge now that there are no incentives to bring homebuyers into the market.
The sale of existing homes has climbed 25 percent from the annual rate of 4.5 million in January -- the lowest point for the index during the recession. Still, sales were about 22 percent below the 7.25 million annual rate posted in September 2005.
Taking a look at existing home sales on a region-to-region basis, the Northeast saw the worst month of any region, with a drop of 18 percent for existing home sales. Sales were flat in the Midwest, and rose almost 5 percent in the West and 0.5 percent in the South.
The National Association of Realtors said Tuesday that the sales of previously occupied homes fell 2.2 percent in May to a seasonally adjusted rate of 5.66 million. Economists had expected existing home sales to increase 6.1 percent to a seasonally adjusted rate of 6.12 million. Traders and economists alike are concerned that the housing market could plunge now that there are no incentives to bring homebuyers into the market.
The sale of existing homes has climbed 25 percent from the annual rate of 4.5 million in January -- the lowest point for the index during the recession. Still, sales were about 22 percent below the 7.25 million annual rate posted in September 2005.
Taking a look at existing home sales on a region-to-region basis, the Northeast saw the worst month of any region, with a drop of 18 percent for existing home sales. Sales were flat in the Midwest, and rose almost 5 percent in the West and 0.5 percent in the South.
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