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Telecommunications equipment industry

Existing Home Sales Decline, Lucent Acquires Nexabit Networks, and Online Music Awards

Strategic Insights

— 1 min read

Existing home sales declined 4.0 percent in May to a seasonally adjusted annual rate of 5.04 million, according to the National Association of Realtors. The median national sales price was $133,100 in May, up from $130,700 the previous month and $128,900 a year earlier. Meanwhile, Lucent Technologies acquired Nexabit Networks for approximately $900 million, and online music awards saw notable performances by artists such as Public Enemy, Seal, and Wyclef Jean & The Refugee All-Stars.

Key Takeaways:

  • Existing home sales fell 4.0 percent in May to a seasonally adjusted annual rate of 5.04 million, beating Wall Street expectations of a 0.4 percent decline.
  • The median national sales price was $133,100 in May, up 2.5 percent from the previous month and 3.1 percent from the same period last year.
  • There were 2.29 million homes for sale at the end of May, an inventory that would last 5.5 months at the May sales pace.
  • Lucent Technologies acquired Nexabit Networks for approximately $900 million, with expectations for the transaction to be completed by the end of July.
  • Think New Ideas will be acquired by AnswerThink Consulting Group in a stock deal valued at $231.2 million.
  • Public Enemy, Seal, and Wyclef Jean & The Refugee All-Stars will perform at the second annual Yahoo! Internet Life Magazine Online Music Awards, hosted by Penn & Teller.

Statistics:

  • Existing home sales in May: 5.04 million (seasonally adjusted annual rate)
  • Decline in existing home sales in May: 4.0 percent
  • Median national sales price in May: $133,100
  • Inventory of homes available for sale at the end of May: 2.29 million (5.5 months' supply)
  • Value of Lucent's acquisition of Nexabit Networks: approximately $900 million
  • Value of AnswerThink's acquisition of Think New Ideas: $231.2 million
  • Date of the second annual Yahoo! Internet Life Magazine Online Music Awards: July 19th

Sources:

  • United Press International (UPI)
  • National Association of Realtors
  • Lucent Technologies
  • AnswerThink Consulting Group
  • Think New Ideas
  • Public Enemy
  • Seal
  • Wyclef Jean & The Refugee All-Stars
  • Yahoo! Internet Life Magazine Online Music Awards

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