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Existing Home Sales Drop For 8th Time In 9 Months

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May 23, 2008 4:50 am US/Pacific

Existing Home Sales Drop For 8th Time In 9 Months

 CBS News Interactive: Eye On The Economy

WASHINGTON (AP) ― Sales of existing homes fell for the eighth time in the past nine months, with the backlog of unsold single-family homes rising to the highest level in more than two decades.

The National Association of Realtors said Friday that single-family home sales dropped by 1 percent to 4.89 million units, matching the all-time low set in January. These records go back to 1999.

The median price for an existing home dropped 8.5 percent, compared to a year ago, to $200,700. Analysts predicted further price declines given the huge backlog of unsold homes, which rose in June to 10.7 months supply at the current sales pace, the highest inventory level since June 1985.

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