Business, Economics and Jobs

US existing home sales fell in May


Foreclosure sales are so popular in some states, that there aren't enough foreclosures to sell, the National Association of Realtors said.


Justin Sullivan

Existing home sales fell 1.5 percent in the US in May, according to the latest data from the National Association of Realtors

Home resales in the US are running at a 4.55 million unit annual pace, the Realtors said, noting higher-priced homes have been better sellers. 

Sales of homes priced at $250,000 and above were up 20 percent for the year in May, Reuters said. Sales of homes priced under $100,000 slid. That drove up the median existing home sale price to $182,600 in May, its highest level in two years. 

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Sales of foreclosures slipped in May and made up only 25 percent of the month's sales, Dow Jones Newswires said. That's the lowest level since Realtors begin tracking them four years ago. 

Foreclosed homes are so popular in some states that the Realtors said some agents have "more buyers than available property." 

At least one of those states might surprise you. The Realtors said there is actualy a "widespread inventory shortage" in much of Florida. 

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