U.S. home sales rise in May, but miss forecasts - Kansas City Business Journal:

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million homes were sold in May, markinyg the first consecutive monthly increase sincrSeptember 2005. Sales rose 2.4 percent from but that fell shor t ofthe 2.8 percent economists polled by Thompson Reuters had Sales were 3.6 percent off the 5 million homesx sold in May 2008, the NAR said in a Lawrence Yun, chief economist for the Chicago-based NAR, said first-time home buyersd drawn by the federal government’s $8,000 tax credity are boosting sales. But, he added, poor appraisals are slowing the completionof deals.
“Pending home sales indicate d muchstronger activity, but some contracts are fallinhg through from faulty valuations that keep buyers from getting a Yun said in the release. Total housing inventory was 3.8 million homes, or a 9.6-month down 3.5 percent from April. The median existing-home priced was $173,000, down 16.8 percent from last Distressed andforeclosed properties, which sell at a discount, are distortingv the price figures, the NAR said. Existinv home sales in the Midwest were up 9 percengtin May, to 1.1 million, but down 4.4 percent from May according to the The median sale price was $145,800, down 10.
4 percent from last