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Existing home sales up 2% in May

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Date: Thursday 26 Jun 2008

LONDON (ShareCast) - Sales of existing homes in the US rose a slightly better-than-expected 2% in May as depressed prices attracted new buyers, though median home prices continued to fall.

The National Association of Realtors (NAR) said the number of existing single-family homes and condominiums sold rose to a seasonally adjusted 4.99m units last month from 4.89m in April.

The national median existing-home price dropped to $208,600 in May from $222,700 a year earlier. The inventory of homes for sale fell 1.4% to 4.49m existing homes.

“Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” said NAR president Richard Gaylord.

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