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Real Estate: It's a buyer's market

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CONSUMER WATCH -- A new government report says home sales are dropping across the country. If you're in the market to buy a home this summer, you may just be in luck as the housing market has become a buyers' market. The government reported Tuesday that sales of new homes in the US dropped 1.6 per cent in May. And prices dropped as well. The median price of a new home was $236,100 -- about one percent lower than Last year. The news comes just as the national association of realtors reported that the pace of sales for existing homes dropped 10 per cent in May compared with a year earlier. That's the slowest sales pace in four years. Housing prices also fell. The median price for an existing home now stands at $223,700 -- more than two percent lower than last year. All told, the news is yet another sign that the recent housing slump is still underway. Analysts say that with more homes on the market, buyers have greater leverage in negotiating a lower price. And if you're selling, you will need to be more flexible in what offers you'll accept.

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