Sales of exising U.S. Homes slip (article)

since its always a hot topic!

NEW YORK (Reuters) - Sales of existing U.S. homes slipped in May, another sign of a gradually cooling housing market as mortgage rates rise, while consumer confidence rose slightly in June, according to reports on Tuesday.

The National Association of Realtors (NAR) said sales of existing homes slipped to an annualized rate of 6.67 million units, 1.2 percent below April's pace and 6.6 percent below the pace of 7.14 million units a year ago.

"The housing sector is slowing, but it's slowing in a manageable way," said NAR chief economist David Lereah. The data were consistent with a soft landing for the U.S. housing market as higher mortgage rates curbed buyers' ability to afford homes, he said.

The annualized rate slightly exceeded analysts' expectation for a 6.64-million-unit rate.

"Evidence is in that the U.S. housing bubble has burst, but the underlying demographics suggest a still strong pace of construction going forward," said Kathleen Camilli, president of Camilli Economics in New York.

Re: Sales of exising U.S. Homes slip (article)

DH and I are still keeping an eye on the market. but we're in no rush right now!

we're very nervous about buying now... we're going to stick it out and see what happens.

meanwhile... inventory on mlsli.com increases daily.

Re: Sales of exising U.S. Homes slip (article)