Resales Slip

Existing-home sales slipped 1.2% in May as the inventory of unsold homes continued to rise and sales in high-cost markets were slowing, according to the National Association of Realtors."There's now a clear pattern of slower home sales activity in many high-cost markets, which are more sensitive to rises in interest rates," NAR chief economist David Lereah said. The NAR reported that sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 6.75 million in April to 6.67 million in May. Single-family home sales slipped 1.5% to 5.91 million in May, while the median price of a single-family home was up 6.6% from May 2005. In April, annual price appreciation had slipped to 4.7%. The NAR also reported that the inventory of unsold existing homes was 3.60 million units in May, compared with 2.56 million units in May 2005.