The national real estate market received some good news in May as sales of existing homes inched up during the month. According to the National Association of Realtors, sales of existing single-family homes and condominiums were up by 2 percent.
However, despite the rise in sales, prices continued to fall for existing homes nationwide. The median sales price fell during May fell by 6.3 percent from the same month in 2007, the fifth largest decline in prices since 1999.
The Midwest enjoyed the largest increase in sales in May. Sales of single-family homes and condominiums were up by 5.5 percent, leading all other regions in the country.
The inventory of unsold single-family homes and condominiums was also down during the month. There are now just under 4.5 million units for sale nationwide. At the current pace of sales, this represents nearly 11 months of market supply. Anything over 6 months is considered a buyers market.
Buyers across the country could continue to see even lower prices until the market stabilizes. If sales continue to increase, many markets that have been hardest hit could start to see prices rebound. Buyers are starting to see great deals on Chicago Homes For Sale around the greater metropolitan area.
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