This at seasonally adjusted rate of 5 million homes. That figure much below the number for existing home sales in a average. This is a very weak report.
Purchases increased 3.7 percent to a 5.1 million annual rate, exceeding the 5 million median forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. The median price declined from a year earlier, and 40 percent of the sales were distressed properties.
Even more indicators of a weak market.
Read it allOf all purchases, cash transactions accounted for 35 percent, which is probably the highest share on record, Yun said. The realtors group began tracking the monthly figure in August 2008, and the share on a yearly basis before that was around 10 percent, Yun said