Sales of existing homes, including single-family, townhomes, condos, and co-ops, fell unexpectedly in May, according to The National Association of Realtors. Month-over-month, sales fell 2.2 percent from April but were up 19.2 percent from last year. Lawrence Yun, NAR’s chief economist, said he expects one more month of elevated home sales before the effects of the tax credit fade. Total housing inventory also fell in May, dropping 3.4 percent to 3.89 million available homes. More here and here.