June 25, 2007
May home sales static
Sales of existing homes were essentially unchanged in May, a sign the housing market is underperforming, according to The National Association of Realtors. Total existing-home sales fell 0.3 percent in May, and stand 10.3 percent below May 2006 levels. NAR said the market is underperforming compared with the relative strength in job creation, economic growth, flat home prices and favorable mortgage interest rates.
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