New and existing home sales perked up slightly in May but remain down over 2010, according to a national report by a Colorado-based real estate analyst.
The annualized rate of home sales increased to 4.86 million, up from 4.73 million in April, according to Real Trends analysts.
However, that's down 8.6 percent over May 2010, when the annualized rate was 5.32 million homes.
And the news wasn't good in the Midwest, where closed sales were off 14 percent from May 2010. However, prices were up 1.5 percent over May 2010.
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Real Trends editor Steve Murray blames a lot of the sales declines on the federal homebuyer tax credits, which expired last spring.
"The May 2011 Real Trends housing report shows that housing sales show surprising strength considering the tough economic climate and... year ago sales that were significantly boosted by the 2010 tax credit program," Murray said in a statement.