The median sales price in the Northeast dropped almost 13 percent to $243,600, the National Association of Realtors said Tuesday.
Nationally, sales of existing homes tumbled 6.6 percent in May from the previous year, without adjusting for seasonal factors. The U.S. median sales price slid almost 17 percent to $173,000.
But James Diffley, group managing director of IHS Global Insight's regional services group, focused more on the 7.6 month-to-month sales gain in the Northeast.
"The numbers are giving some comfort that we're at the bottom," Diffley said. "We have a more optimistic view than a few months ago."
In fact, all nine major Northeast cities tracked in the Associated Press-Re/Max Monthly Housing Report showed monthly gains in home sales. But compared to last May, sales were down across the board with with seven metro areas recording double-digit declines.
The report analyzed sales transactions in the metropolitan statistical areas recorded by all real estate agents, regardless of company affiliation.
Jitters are still running high in the suburbs of New York, where sales fell by 30 percent, the worst decline in the region. Excluding New York City, the median price in the area fell almost 8 percent to
"We're going to be way down from (June of) last year," said Paul Confroti, an agent with Prudential Douglas Elliman.
Prices in Providence, R.I., continue to get hammered, mostly because of a large share of distressed sales. Almost half of all sales are foreclosures or short sales, said Ron Phipps of Phipps Realty in Warwick, R.I.
"A lot of people are stepping onto the first-time homebuying ladder," Phipps said.
Sales in Providence fell more than 5 percent in May, the smallest decline in the Northeast.
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