MNI: US DATA: May Existing Home Sales -9.7% To.......>

MNI: US DATA: May Existing Home Sales -9.7% To 3.91M

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-U.S. existing home sales fell -9.7% in May to a seasonally adjusted annual rate

of 3.91 million, the slowest pace since 2010. 

-From a year earlier, overall sales were down -26.6%, the largest y/y decline

since 1982. 

-All four major sales regions experienced a decline in sales, with the Northeast

down -13%, the West down -11.1%, the Midwest down -10%, and the South down -8%. 

-The median existing home price in May was $284,600, up 2.3% from a year

earlier.

-NAR's chief economist Lawrence Yun said he is "very confident this will be the

cyclical low point" for the housing market and nearly all indicators are

pointing toward a v-shaped recovery for the housing sector.

-Yun said realtors in March and April had worried about disappearing business

income, but buyers have since shown signs of relaxing, likely due to the U.S.

government's Covid-19 stimulus packages.