The Boston Globe reports from Massachusetts. "Maybe next spring. With the key selling season for the real estate market nearing an end, the hoped-for rebound in Massachusetts home sales hasn't materialized. Sales of single-family homes fell by as much as 9 percent in May from a year ago, accelerating from modest declines in April, according to data released yesterday."

"'There were a lot of high hopes pinned on this spring season,' said Terry Egan, editor in chief at real estate data publisher Warren Group, 'but these numbers tell us the longed-for recovery isn't here yet.'"

"Yesterday Warren Group reported that over the first five months of 2007, single-family home sales are down 3 percent from the same period of 2006. Separately, the Massachusetts Association of Realtors reported a more modest decline of 1 percent for the same five-month period."

"The Realtors association only tracks homes that are sold through real estate a gents, while Warren Group totals a larger pool of transactions that includes properties sold directly by owners."

"Both groups said single-family home sales fell sharply in the month of May alone, with the Realtors reporting a 7.5 percent decline from a year ago and Warren Group a 9.1 percent drop. Warren Group said the median price tumbled 4.6 percent to $315,000 from $330,000."

"Ronn Huth, a buyer's broker in Wenham, said sales on the North Shore remain slow. Homes that sell are going for about 92 percent of original asking prices, he said. In one recent sale, Huth added, the seller probably lost money after paying commission and expenses."

"'I feel bad for owners like that,' he said. 'But buyers are getting some awfully good deals.'"

"Gus Faucher, who follows the Massachusetts economy at Moody's Economy.com, said prices here would still be dropping into the first half of next year."

"Inventories, while shrinking recently, remain high, Faucher said. Meanwhile, rising mortgage rates and tighter credit standards are reducing the number of buyers, dampening demand."

"'The housing market is still soft,' Faucher said, 'and it's going to remain soft.'"

The Boston Herald. "Massachusetts house sales fell 9.1 percent in May when compared to year-ago levels. That’s the worst percentage drop in six months, and a far cry from a spring rebound brokers had hoped for amid fears housing’s woes could hurt the broader economy."

"'A lot of people had high hopes for the traditional spring market, but these figures clearly indicate those hopes haven’t materialized,' said the Warren Group’s Timothy Egan."

"Economist Raymond said in a note to clients that lower prices point to 'ultimately broader problems for the (U.S.) economy.'"

"But economist John Bitner of Boston’s Eastern Bank said Massachusetts housing 'is not crashing, just sliding lower.' Bitner, who had previously forecast prices would stabilize this spring, now expects declines until winter."

The Enterprise. "Rosa Malave put her house on the market last week, hoping for the success she failed to achieve a year ago. 'Last year, the market was slow,' said Malave, who took her Realtor's advice and dropped the price more than 10 percent, listing it for under $300,000 in hopes of attracting a buyer."

"The market is still slow, but Realtors say the right price and patience are keys to selling a home in today's buyers' market."

"'I've never seen so many listings on the market,' said Diane Bruno of Fulton Real Estate in Brockton, who has been selling real estate for 35 years. 'You're lucky if you're going to sell a house in 30 days. We used to get houses sold in a weekend.'"

"Today, the average market time is 161 days. That's up slightly from 139 days a year ago and more in line with the three to six months that it took to sell a house in a traditional sustainable market, according to Peter Ruffini, president of the Plymouth and South Shore Board of Realtors Inc."

"The market conditions that some see as a downturn are viewed by others as tempering the hectic real estate climate of the past few years."

"'We're currently in a self-correcting market,' said Sherry Palmer of Four Points Realty, West Bridgewater. 'The values will correct themselves.'"

"Call it a market slump or correction, but consider the good news, said Bruno, whose phone has started ringing again after periods of silence when the market was slowest."

"'This time of year people are looking more, but they're not jumping in like they used to,' she said. 'They want to see a lot more houses.'"

"And, there are more houses to see. Statistics provided by the Plymouth and South Shore Board of Realtors show that there are 2,687 single-family houses for sale in Plymouth County, down just slightly from 2,787 a year ago."

"'Frankly, I think people are nervous,' said Rosen. 'There's so much negative news.'"

"'I've seen some incentives in the form of a monetary bonus to the selling broker, a home warrantee paid by the seller,' said Ruffini."

"In some cases, sellers may 'buy down' a buyer's interest rate for six months, he said. But the bottom line is, he said, 'You can offer all the incentives in the world, if your home is overpriced, it's not going to sell.'"

"With that in mind, Brockton homeowner Malave is optimistic that her house will sell this year and she can finally look to buying a condominium."

"That may be a good move, since condominium prices are falling faster than those of single-family houses. That is directly related to a drop in condo sales, down 4.1 percent in the first four months of the year when 8,263 condos sold compared to 8,612 last year."

"Lower sales prices mean dropping property values. 'In condominiums, we're seeing up to a 15 percent reduction in values,' said Joyce Griffin, chairman of the Taunton Board of Assessors."