Existing home sales decline during May

Existing home sales fell during May nationwide.According to recent data released by the National Association of Realtors, existing home sales for May declined, as several factors weighed heavily on potential buyers.Overall, sales were down 3.8 percent from April, reaching a seasonally adjusted annual rate of 4.81 million. This rate is also down from April's revised 5.00 million, as well as 15.3 percent lower than May 2010's 5.68 million pace. Last year's rate was boosted by the government's first time homebuyer tax credit, however, as more property seekers rushed to beat the deadline.The month's lower sales were a result of many more factors, past last year's tax credit, NAR chief economist Lawrence Yun explained.”Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” said Yun. “The pace of sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year.”A recent report from the Houston Association of Realtors revealed that the region's single-family home sales fell 11.9 percent last month from May 2010. Despite the fall, the 5,043 Houston properties sold was the highest monthly amount since June 2010.Courtesy of 2M Realty News?

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