Source: (Associated Press)
Home sales in the Western region of the country posted a 9 percent annual increase in May as homebuyers jumped on low interest rates and falling prices, according to two reports released Tuesday.
Foreclosures and other distressed sales continued to drag down the median home sales price in the West. It tumbled more than 30 percent from May of last year to $197,700—the biggest drop in any region. That helped pull the national median down nearly 17 percent to $173,000, the National Association of Realtors said.
Nationally, sales rose slightly from April to May, but were roughly 7 percent below year-ago levels, without adjusting for seasonal factors.
Read Alex Veiga’s full article “Western home sales post 9 pct annual jump in May” in MercuryNews (June 23, 2009).