According to data released by the National Association of Realtors, resale of U.S. homes dropped by 2.2 percent month over month in May.
Many economists were expecting sales to rise about six percent due to home buyers rushing to sign contracts before the national tax credit expired. Inventories of unsold homes fell 3.4 percent to 3.89 million. The median sales price in May was up 2.7 percent from a year ago to $179,600.
The federal government offered home buyers tax credits of up to $8,000. The deadline to get a signed sales contract and still qualify was April 30. Buyers must close their purchases by end of this month.
Home sales increased 19.2 percent compared to May last year.
The article provided compliments of Paul Cristelli, New Jersey Re/Max Real Estate Agent; (973) 214-3316.
