The National Association of Realtors' monthly report on existing home sales came out today and may was another ugly month.

Home resales fell to a 5.99 million annual rate, a 0.3% decrease from April's revised 6.01 million annual pace, the National Association of Realtors said Monday. April's rate was originally estimated at 5.99 million. The median home price was $223,700 in May, down 2.1% from $228,500 in May 2006. The median price in April this year was $219,800. The 2.1% drop marked the 10th consecutive year-over-year price decline.

Again, while this doesn't necessarily apply directly to Maui, the negative drumbeat of slow sales and declining prices cements in the minds of buyers that they control this market.