Existing Home Sales Report: May 2011

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for May showing continued weakness and sharp declines with slumping sales and prices and an increasing monthly supply.

Single family home sales declined a whopping 3.2% from April falling 15.4% below the level seen last year while the median selling price declined a notable 4.5% below the level seen in May 2010.

Further, inventory of single family homes remains high declining just 1.1% from April and 2.1% below the level seen in May 2010 which, combined with the relatively slow pace of sales, resulted in a increase in the monthly supply to 9.0 months.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.