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The National Association of Realtors announced today that existing home sales in May increased 2.4% as compared to April 2009. While home sales were up, the inventory of unsold homes fell 3.5%t to 3.80 million units, representing a 9.6 month supply.

“For the second straight month, Existing Home Sales have shown improvement, perhaps signaling that we are approaching the point where home prices are favorable enough to begin drawing in more buyers. The real test for this theory will come next month, when we will see what impact, if any, the recent increase in mortgage rates have had on home buyers,” said Bob Walters, chief economist at Quicken Loans.

“If the numbers remain strong, perhaps it is time to begin pondering if we have started to form a bottom in the housing market.”

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