U.S. home sales report for May a mixed bag

From the Baton Rouge Business Report:

The National Association of Realtors released its monthly sales report this morning for May, and it contains a mix of good and bad news. The good news: Sales in May were up 9.6% compared to May 2011, evidence that the industry is making long-term progress. The bad news: Sales in May—which is typically a strong month in the spring buying season—fell 1.5% compared to April, suggesting the housing recovery remains choppy at best. May sales were at a seasonally adjusted annual rate of 4.55 million units, which is far below the 6 million mark that economists consider a healthy pace. Another bit of good news came in the average home sales price, which in May was $182,600—up 7.9% from a year ago; it was also the highest average price since June 2010, when sales were temporarily boosted by buyers rushing to take advantage of an expiring tax break. Compared to the national numbers, Baton Rouge home sales looked especially healthy in May. The 732 home sales recorded in May by the Greater Baton Rouge Association of Realtors represents a 25% increase over the 585 sold in May 2011. And at $197,713, the average home sale was about 1% better than the $195,885 average sales price in May 2011—and 5% better than the average sales price in April. Read more about the local sales report in a Daily Report story here.