Sales of existing homes increases

Sales of existing homes increased 2% in May to a seasonally adjusted rate of 4.99 million units, according to the National Association of Realtors in Chicago.
JUN 26, 2008
Sales of existing homes increased 2% in May to a seasonally adjusted rate of 4.99 million units, according to the National Association of Realtors in Chicago. That followed a pace of 4.89 million existing homes purchased in April but remained 15.9% below the 5.93-million-unit pace recorded in May 2007. Single-family home sales rose 1.6% to a seasonally adjusted annual rate of 4.41 million in May but were 14.5% below the 5.16-million-unit pace in May 2007. Sales of existing condominiums and co-ops increased 5.5% to a seasonally adjusted annual rate of 580,000 units in May but were 24.6% lower than the 769,000 level a year ago. “Homebuyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” said NAR president Richard F. Gaylord, according to a statement. The median price of existing homes was $208,600 in May, down 6.3% from May last year when the median was $222,700. Home inventories fell 1.4% at the end of May to 4.49 million existing homes available for sale, which represents a 10.8-month supply, down from a 11.2-month supply in April. Regionally, existing-home sales rose 5.5% in the Midwest, 4.6% in the Northeast and 2% in the West. Sales fell 0.5% in the South.

Latest News

Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.
Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.

In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.

Powering retirement for Wall Street
Powering retirement for Wall Street

Retirement fintech Vestwell has hit profitability and $200 million in annual recurring revenue, powering savings programs for 750,000 employers and Wall Street’s biggest firms

Advisor moves: LPL welcomes back RayJay advisor trio in Texas
Advisor moves: LPL welcomes back RayJay advisor trio in Texas

Meanwhile, &Partners has drawn another Wells Fargo team based in Missouri, while an experienced South Carolina advisor has returned to Cetera from LPL.

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains