WASHINGTON (Dow Jones)–Sales of previously owned homes unexpectedly fell during May as high joblessness in the U.S. offset the fading benefits of a tax credit for buyers.
Home resales decreased by 2.2%, to a 5.66 million annual rate, the National Association of Realtors said Tuesday. Inventories slipped and prices rose.
Economists surveyed by Dow Jones Newswires expected existing-home sales to climb by 5.0%, to a rate of 6.06 million. The surprise decline followed two increases driven by a tax incentive for first-time buyers that the government enacted to spur a housing sector recovery.
Click here to read the full article …
