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Home Sales Drop Sharply in May

  • June 23rd 2010

by Mark Wellborn

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Home Sales Drop Sharply in May: Figure 1

As expected, home sales across the country dropped significantly in May. Sales fell almost 33% from April, according to the Commerce Department.

The fact that home sales dropped sharply was not a surprise as experts expected as much with the end of the federal tax credit. However, just how much sales decreased was a surprise. Economists expected the drop to be more in the 20% range.

In the South region, where the DC area is located, sales dropped 25.4%.

Analysts expect that buyers will return to the market in droves by the fall when “favorable” affordability returns to the market. Until then, things could be slow.

See other articles related to: home buying, home prices, housing reports

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_sales_drop_sharply_in_may/2197.

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