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Existing Home Sales Sliding

According to an article from Zerohedge the national existing home sales market has fallen by 3 percent, more than what was expected (0.9%).

Home prices were up 5.3% from a year ago to an average price of $257,900. However the home price increases are slowing, mainly due to slowing sales.

"We are seeing no breakout in homes" said Lawrence Yun, National Association of Realtors chief economist. "We are stuck in this narrow range at a time when the economy is doing well". Yun states "inventory shortages are even worse than in recent years and home prices keep climbing above what many home shoppers can afford".

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