Existing home sales rose 2.4 percent in May; prices plunge 16.8 percent
By Alan Zibel, AP Real Estate Writer
On Tuesday June 23, 2009, 10:40 am EDT
WASHINGTON (AP) -- Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year, but signs of a housing recovery are fragile at best. The National Association of Realtors said Tuesday that home sales rose 2.4 percent last month to a seasonally adjusted annual rate of 4.77 million, from a downwardly revised pace of 4.66 million in April.
About one out of every three homes sold was a foreclosure or distressed sale. That helped drag down the median price to $173,000 -- 16.8 percent below a year ago.
Falling prices coupled with new rules for property appraisers have caused many transactions to fall apart or be delayed.
"We have just been flooded with e-mails, telephone calls on the appraisal problems," said Lawrence Yun, the Realtors' chief economist.
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