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Home Sales Well Above Last Year Levels

Home sales remain well above year-ago levels

Date: Thursday, June 21, 2012, 10:18am EDT - Last Modified: Thursday, June 21, 2012, 10:20am EDT
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Inventory shortages of existing homes in certain areas have been building all year, according to the National Association of Realtors.

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Broadcast/Web Reporter- Washington Business Journal
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Sales of existing homes pulled back in May, but it may be more a case of a shortage of properties on the market than a shortage of house hunters willing to buy.

Sales remain well above year ago levels.

Existing home sales fell 1.5 percent in May from the previous month, while remaining 9.6 percent ahead of the sales pace in May 2011.

Inventory shortages in certain areas have been building all year, according to the National Association of Realtors.

"The normal seasonal upturn in inventory did not occur this spring," says NAR chief economist Lawrence Yun. "even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier."

The number of residential properties currently on the market nationwide is down 20.4 percent from a year ago.

The Washington-based association says the median price of an existing home was up 7.9 percent from a year earlier, the third consecutive month of year over year price gains. The last time that happened was from March to May 2006, at the height of the housing market.

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