WASHINGTON -- The other shoe just dropped in news about the housing market. On the heels of last week's good news about the increase in new home sales came Friday's report of the drop in existing home sales and resale prices.
The National Association of Realtors (NAR) reported a 2.6% decline (annualized) to only six million homes, the slowest sales rate in four years. And the price of a home also fell, to 0.8% to a median $220,000. The inventory of available homes for sale is now the largest in the past 15 years. That's an eight month supply, with some 4.2 million homes on the market at the end of April.
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