By Dina ElBoghdadyWashington Post Staff Writer
Wednesday, June 23, 2010
Sales of previously built homes dropped in May after huge gains the previous two months, a sign that the federal tax credit that helped energize sales at the start of the selling season has sputtered out sooner than expected.
The National Association of Realtors reported Tuesday that sales of existing single-family homes, townhouses, condominiums and cooperatives fell 2.2 percent, to a seasonally adjusted rate of 5.66 million units, in May from April, snapping hopes of a robust housing recovery anytime soon. Analysts surveyed by Bloomberg had expected an increase of 6 percent. Read more...
It is difficult to see that mindset a little more optimistic in being translated into significantly higher sales volumes.This, combined with increased the number of homes entering the market helped to relieve the previous imbalance between supply and demand, which was one of the main factors that pushed housing prices.
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