U.S. Has Most Unsold Homes Since ‘85
U.S. Has Most Unsold Homes Since ‘85
Sales of Existing Homes and Median Home Prices Fall Again as Inventory Stays High
WASHINGTON (AP) — Sales of existing homes in the U.S. fell for the eighth time in the past nine months, with the backlog of unsold single-family homes rising to the highest level in more than two decades.
The National Association of Realtors said that existing home sales dropped by 1 percent to 4.89 million units, matching the all-time low set in January. These records go back to 1999.
The median price for an existing home dropped 8 percent, compared with a year ago, to $202,300 (euro128,510). Analysts predicted further price declines given the huge backlog of unsold single-family homes, which rose in April to 10.7 months supply at the current sales pace, the highest inventory level since June 1985.
Homes and Gardens, Real Estate and For Sale By Owner (FSBO) Links
Leave a Reply