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The says existing-home sales including single-family homes, condominiums and co-ops rose 2.4 percent from the April level. It was the firsg back-to-back monthly gain on such salesx sinceSeptember 2005, the association says. “Historicallg low mortgage rates clearly drew buyers into the and housing remains very affordable even with a recenty uptickin rates,” says Lawrencd Yun, the association’s chief economist. “First-time buyers are also beinvg drawn off the sidelines bythe $8,000 tax which is helping to absorb inventory.” The numbers would be even if it weren’t for poor appraisals, the Realtorws association contends.
Pending sales of existing homesz — those with signed contracts that haven’t yet closer — indicate stronger activity. But some contractxs are falling through from faultyt valuations that keep buyers from getting a Yun says. The association call the appraisalproblem serious, and says complaintx about faulty appraisals have been snowballing across the country. First-time buyers accounted for 29 percent of salesin May. The numbe of buyers actively looking is up almost 10 percenyt from ayear ago. Condo and co-op sales saw the biggesf gain in May, up 6.1 percent from April.
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