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10:00am 06/23/05 U.S. EXISTING HOME SALES DOWN 0.7% TO 7.13M IN MAY
U.S. existing home sales down 0.7% to 7.13M in May
WASHINGTON (MarketWatch) -- Existing home sales fell 0.7% in May to 7.13 million units on a seasonally adjusted basis, the National Association of Realtors said.
The fall in May's sales was roughly in line with expectations.
Economists had forecast that sales would fall a slight 0.2% to 7.14 million units.
On a year-on-year basis, existing home sales were up 3.5%.
"The housing market remains red hot with mortgage rates low, the economy growing and the labor market improving," said David Lereah, NAR chief economist.
Sales for April were unrevised at a record 7.18 million units, up 4.5%.
The median national sales price was $207,000 in May, up 12.5% from the previous year.
Inventories of unsold homes rose 4.9% to 2.55 million units, representing a supply of 4.3 months
U.S. existing home sales down 0.7% to 7.13M in May
WASHINGTON (MarketWatch) -- Existing home sales fell 0.7% in May to 7.13 million units on a seasonally adjusted basis, the National Association of Realtors said.
The fall in May's sales was roughly in line with expectations.
Economists had forecast that sales would fall a slight 0.2% to 7.14 million units.
On a year-on-year basis, existing home sales were up 3.5%.
"The housing market remains red hot with mortgage rates low, the economy growing and the labor market improving," said David Lereah, NAR chief economist.
Sales for April were unrevised at a record 7.18 million units, up 4.5%.
The median national sales price was $207,000 in May, up 12.5% from the previous year.
Inventories of unsold homes rose 4.9% to 2.55 million units, representing a supply of 4.3 months
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