By Renae Merle Washington Post Staff Writer
The housing market remained weak last month, with bargain hunters fueling a small increase in sales and prices taking another tumble, according to industry data released yesterday.
Sales of existing homes rose 2.4 percent from April to May to a seasonally-adjusted annual rate of 4.77 million units, according to the National Association of Realtors. That was a slightly smaller increase than analysts had expected but the first back-to-back monthly gain since September 2005. Sales were down 3.6 percent compared with last May.
Despite the modest rise in sales, foreclosures continued to drag down prices. About a third of homes sold last month were distressed properties. Meanwhile, the median home price fell to $173,000 in May, down 16.8 percent from a year earlier.
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