Sales of U.S. Existing Homes Fall as End of Tax Credit Looms
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Sales of U.S. previously owned homes unexpectedly fell in May as demand began to slip even before a government tax credit expires.
Purchases of existing houses, which are tabulated when a contract closes, decreased 2.2 percent to a 5.66 million annual rate, figures from the National Association of Realtors showed today in Washington. To receive a government incentive worth as much as $8,000, buyers must have signed contracts by the end of April and need to complete deals by the end of this month.