From the AP/APP:
Home sales in the Northeast declined more than 13 percent in May from year-ago levels, the worst showing in the country, as the specter of job losses loomed over the region.
The median sales price in the Northeast dropped almost 13 percent to $243,600, the National Association of Realtors said Tuesday.
Nationally, sales of existing homes tumbled 6.6 percent in May from the previous year, without adjusting for seasonal factors. The U.S. median sales price slid almost 17 percent to $173,000.
But James Diffley, group managing director of IHS Global Insight’s regional services group, focused more on the 7.6 month-to-month sales gain in the Northeast.
“The numbers are giving some comfort that we’re at the bottom,” Diffley said. “We have a more optimistic view than just a few months ago.”
In fact, all nine major Northeast cities tracked in the Associated Press-Re/Max Monthly Housing Report showed monthly gains in home sales. But compared to last May, sales were down across the board with with seven metro areas recording double-digit declines.
Jitters are still running high in the suburbs of New York, where sales fell by 30 percent, the worst decline in the region. Excluding New York City, the median price in the area fell almost 8 percent to $388,000 as job losses on Wall Street rippled through the local economy.