'temporary factors' push us house sales down

A decline in existing home sales in the US in May has been attributed to "temporary factors and financing problems" by the National Association of Realtors (NAR).

Figures published by the organisation showed that residential property transactions fell by 3.8 per cent last month in comparison to April, while registering a 15.3 per cent drop on May 2010.

NAR chief economist Lawrence Yun explained that a combination of factors - including high gasoline prices and widespread severe weather - conspired to keep house sales down.

However, he predicted that the US residential property market will begin to show signs of recovery by the end of 2011.

Source: PropertyShowrooms.com