CHAMPAIGN — Home sales picked up in May, but continued to run behind year-ago sales, figures from the Champaign County Association of Realtors show.

The number of sales in May was up nearly 33 percent from April, but down about 11 percent from May 2010, according to figures from the association's Multiple Listing Service.

Last year's figures were boosted by the availability of a tax credit for first-time home buyers. But that credit is no longer available.

Max Mitchell, president of the Champaign County Association of Realtors, said he's not encouraged by what he's seeing.

"The activity improved over April, but unfortunately it's not what we expect in a typical market," Mitchell said.

"Typically, the seller would expect a reasonable amount of buyer activity real soon, and we're just not seeing it real soon. The time has stretched out for the number of days on the market," he said.

Also discouraging: listings are up.

"That's not a good sign for the market," Mitchell said. "The more inventory we have, that just seems to slow everything down."

Usually, March, April and May are the strongest months for real estate sales, with June, July and August tending to be slower, he said.

"We're just not seeing as much buyer activity as we should expect," he said.

Nevertheless, Mitchell pointed to some encouraging factors for buyers.

"Interest rates continue to fall," he said. "Because of lower interest rates and sellers reducing the price of homes, it makes it a perfect time for someone to get into the market who hasn't been in the market."

Plus, it could be a good time for people who want to "move up."

Though they might get less than they want for their house, they may get a real bargain on a more expensive place.

Mitchell said a house in Will's Trace subdivision in west Champaign was originally listed at $379,900 when the builder put it on the market in 2007. The house didn't sell, and two years later the price dropped to $359,900.

A bank eventually took over the house, and it was slated to go back on the market last week at $319,900, he said.

The upper end of the housing market has been especially hard-hit, he added.

"The over-$500,000 market has really been an area that's dried up," Mitchell said. "It's very quiet."

Investors seem to make up an increasing share of home buyers, he added.

"With foreclosed or short-sale homes, you're seeing investors coming into the market," he said.

Here's a look at sales for the first five months of this year, and how they compared with the same period in 2010:

— The number of units sold and closed from January through May was 833, compared with 899 last year — a 7 percent drop.

— The dollar volume of those sales was $108.8 million, compared with $126.7 million a year earlier — a 14 percent drop.

— The average selling price this year was $130,579, compared with $140,929 last year.

The Multiple Listing Service includes listings of single-family homes in Champaign County and some parts of Douglas and Piatt counties.

This week, the Illinois Association of Realtors released a study of residential real estate transactions in the Champaign-Urbana metropolitan statistical area in 2010. That study found:

— The number of transactions last year was 2,086, down from 2,894 in 2007.

— The average home price in 2010 was $152,667, down from $161,409 in 2007.

— Total direct and indirect expenditures made as a result of those transactions was $90.5 million, down from $103.1 million in 2007.

Direct expenditures include:

— Repairs and home improvements made to prepare for a sale.

— Remodeling, new furnishings and household items bought after a sale.

— Professional services provided by attorneys, real estate professionals, home inspectors, appraisers and title companies and taxes paid to local and state governments.

Indirect expenditures include the "ripple effect" of direct expenditures throughout the broader economy.