The National Association of Realtors announced today that total existing-home sales, including single-family, townhomes, condominiums and co-ops, eased 1.2 percent in May in a month-over-month comparison to April. Sales were also 6.6 percent below existing home sales of May 2005.

"Despite the drop in May, low long-term interest rates continue to support existing home sales, as does the strong economy. These two factors are also responsible for the elevated housing starts last week and a much stronger than anticipated new home sales report yesterday," said Bob Walters, chief economist of Loans.

Publish Date: 06/27/2006