June 23 (Bloomberg) -- Sales prices of existing homes dropped 17 percent in May from a year before, spurring a second straight gain in purchases and helping reduce the nation’s glut of unsold properties.
Purchases rose 2.4 percent to an annual rate of 4.77 million, lower than forecast, the National Association of Realtors said in Washington. The median price drop was the third-deepest on record. Separate figures showed home values nationally fell 0.1 percent in April from a month earlier.
Tax breaks for first-time buyers in the Obama administration’s stimulus plan and lower mortgage rates have also helped support an industry now in its fourth year of decline. At the same time, any recovery is likely to be limited with unemployment rising and borrowing costs shooting back up.
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