Total existing-home salesÂ including single-family, townhomes, condominiums and co-ops Â eased 1.2 percent to a seasonally adjusted annual rate of 6.67 million units in May from a pace of 6.75 million in April, and were 6.6 percent below the 7.14 million-unit level in MayThe National Association of Realtors used the term 'eases' to describe the month over month seasonally adjusted 1.2% drop in existing housing unit sales. Ok.
The national median existing-home price for all housing types was $230,000 in May, up 6.0 percent from May 2005 when the median was $217,000.
Single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 5.82 million in May from 5.91 million in April, and were 6.6 percent below the 6.23 million-unit level in May 2005. The median existing single-family home price was $229,700 in May, up 6.4 percent from a year ago.
It's the Inventory Stupid! Nationally, inventory has increased by 41% from last May, and a full 5.5% from April 2006. In the bubble markets, the growth in inventory is a much greater percentage. Keep your eyes on that inventory!