WASHINGTON (AP) — Sales of previously occupied homes dipped 2.2 percent in May, suggesting that a boost from government home-buying incentives is winding down earlier than expected.
The National Association of Realtors says last month’s sales fell to a seasonally adjusted annual rate of 5.66 million. April’s results were revised upward to 5.79 million. Economists polled by Thomson Reuters expected sales to rise to a rate of 6.12 million.
The federal government boosted home sales by offering 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 on their purchases by end of this month.
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