"Earlier Tuesday [06/22/10], the National Association of Realtors (NAR) reported the annual rate of existing home sales decreased 2.2% in May, and industry reaction to the results and what the future may hold is decidedly mixed."
"May is the first month in more than a year the homebuyer tax credit isn't an incentive to lure prospective homeowners into the market, but shoppers that signed a sales contract by April 30 have until June 30 to close the deal and still get the refundable credit — $8,000 for first-time buyers, $6,500 for existing homeowners."
"The May decline follows upwardly revised monthly increases in April (8%) and March (7%) for closed transactions of existing houses, condos and co-ops. In addition, the NAR previously reported that pending home sales increased 6% month-over-month in April, the latest in a string of increases for that index, including rises in March (7.1%) and February (8.3%)." (Housing Wire Article)