Existing-home sales were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009.

    The national median existing-home price for all housing types was $179,600 in May, up 2.7 percent from May 2009. Distressed homes slipped to 31 percent of sales last month, compared with 33 percent in April; it was also 33 percent in May 2009.
 
    Pending home sales are expected to decline notably in May and June from the spring surge, but Yun added that job growth and a manageable level of foreclosures are keys to sales and price performance during the second half of the year.

     Total housing inventory at the end of May fell 3.4 percent to 3.89 million existing homes available for sale, which represents an 8.3-month supply at the current sales pace, compared with an 8.4-month supply in April. Raw unsold inventory is 1.1 percent above a year ago, but is still 14.9 percent below the record of 4.58 million in July 2008.
Don Schaller
Broker Owner
Schaller Family Realtors
Dickson Realty Truckee