(HAR Report): Days on Market (DOM), or the number of days it took the average home to sell, rose slightly from 54 to 58. Inventory registered a 3.5-months supply compared to 4.1 months a year earlier and is below the current national inventory level of 4.1 months recently reported by NAR.
Broken out by housing segment, May sales performed as follows:
$1 - $99,999: decreased 37.7 percent
$100,000 - $149,999: decreased 26.1 percent
$150,000 - $249,999: decreased 16.2 percent
$250,000 - $499,999: decreased 15.3 percent
$500,000 - $749,999: decreased 29.0 percent
$750,000 and above: decreased 56.3 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,114 in May, down 28.2 percent compared to the same month last year. The average sales price fell 8.9 percent to $287,606 while the median sales price dropped 2.1 percent to $235,000.