U.S. existing-home sales dip 2.2% in May

Does this work?

Who besides Lawrence Yun didn't expect sales to dip after the government incentives expired?

And the median sales price jumped 4.2% in one month from April, while annualized sales volume stayed above the level for 2007. The $179.6k price is still below the $181.8k top from June 2009, but not by much.

Obviously, volume is going to drop off, but the hope is that prices won't drop by too much with them. For example, will the 20-city C-S/HPI drop by more than 5% from now until the August numbers released in October?

No. As reported by NAR per the current news story. The C-S doesn't come out until next Tuesday, and the C-S for May doesn't come out until months later.

EDIT: The C-S reference was to an old hypothetical between me and kfizzle85 from a little while back.

I wouldn't go that far, but no, it's not the best stat out there.

So do you still think it will hold (less than 2.5% drop for the sake of the argument)? ETA: And what happens after August, eg what is the YoY %chg for May 10-May 11?

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I wouldn't go that far, but no, it's not the best stat out there.

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I mean, I think it's somewhat likely that the NAR median rising is actually a negative indicator because it means that the higher end inventory is finally starting to trade at distressed levels. If the only transactions across the entire country were at a price of $1 million, then the median would obviously skyrocket. Of course, it would be relevant if we then found out that every single one of those houses' last sale was for $2 million.

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Economists surveyed by MarketWatch were expecting sales to rise about 6% to a 6.11 annual rate, theorizing that the expiration of the tax credit at the end of June would force some buyers to rush ahead.

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According to the article. Dunno. On a completely different note, Bloomberg decided to redesign their website for the first time since the invention of the fricking internet, and it blew up my super-secret Bloomberg RSS feed.

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According to the article. Dunno. On a completely different note, Bloomberg decided to redesign their website for the first time since the invention of the fricking internet, and it blew up my super-secret Bloomberg RSS feed.

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Go to the very bottom and click on "old bloomberg page" or something like that. I cannot STAND the non-black new one.

Thanks. Did you notice the site name: htt p://noir.bloomberg.com/intro3.html. Maybe Google can cobble together a feed out of the old page. I don't want to have to use Yahoo Finance or CNN Money or some shite.