Sales of existing homes fell for a third time in the past five months in May, with the weakness led by a big drop in demand in the Northeast.
The National Association of Realtors said today that sales of previously owned homes dropped 1.2% in May from April, to a seasonally adjusted annual rate of 6.67 million units.
The median price of the homes sold in May rose to $230,000, up 6% from the same month a year ago. That represented a slowdown from double-digit price gains last year, the peak of the housing boom.
Another report showed that consumer confidence recovered slightly in June after falling in May, as shoppers became more optimistic about the economy's future.
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Construction of new homes and apartments, after three months of declines, increased in May, helped by dry weather.
The Commerce Department said builders started construction at a seasonally adjusted annual rate of 1.957 million units last month, up 5% from April's pace. The better-than-expected increase came after declines of 5.5% in April, 7.5% in March and 5.9% in February.
Analysts attributed the rise to an unusually dry spring in many parts of the country, which allowed builders to start work on more homes. But they cautioned that construction activity is likely to slide in coming months as the housing industry slows under the impact of rising mortgage rates.
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66F A FEW CLOUDS
23 Jun 2006 at 2:00am
66F A FEW CLOUDS
Forecast for Today
23 Jun 2006 at 7:40am
Low clouds. Fog and local drizzle through mid morning. Becoming mostly sunny by afternoon. Except low clouds lingering
locally at the beaches into the afternoon. Local dense fog
early. With visibilities one quarter mile or less. Highs from the
mid 60s to lower 70s at the beaches. To the lower to mid 80s
downtown. To around 90 in the hollywood hills.
Forecast for Tonight
23 Jun 2006 at 7:40am
Mostly clear. Except for patchy low clouds and fog late. Lows in the lower to mid 60s.
Forecast for Saturday
23 Jun 2006 at 7:40am
Patchy low clouds and fog through mid or late
morning. Except lingering locally at the beaches into the
afternoon. Otherwise mostly sunny. Highs from the upper 60s to mid
70s at the beaches. To around 90 downtown. To the lower to mid 90s
in the hollywood hills.
Forecast for Saturday Night
23 Jun 2006 at 7:40am
Patchy late night through morning low
clouds and fog. Otherwise mostly clear. Lows in the 60s. Highs from
the 70s at the beaches. To around 90 downtown. To the 90s in the
hollywood hills.
