US home prices fall by largest amount annually since December 2011
US home prices fall by largest amount annually since December 2011
U.S. home prices fell in May at the largest annual rate in more than a decade, according to a National Association of Realtors report released Thursday.
The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction since December 2011.
Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — rose 0.2% from April to May.
Annually, sales were down 20.4% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.4 million units a year ago to 4.3 million in May.