The National Association of Realtors reported that Existing-home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April. This is off 15.3% from May 2010 when sales were running at a 5.68 million pace.
The national median existing-home price for all housing types was $166,500 in May, down 4.6% from May 2010. Distressed homes accounted for 31% percent of sales in May, down from 37% in April. An NAR survey found that Distressed homes “typically sold at a discount of about 20%.” [Ritholtz]