Yes, it did. Simple statistics show the following:

10,558 - Number of Homes Under Contract in April (353/day)

6,691 - Number of Homes Under Contract in May (215/day)

 That is a 37% decrease in sales. Part of this may have been seasonal if we look at statistical records of April and May sales.  In 2009 there was a 16% drop off in sales between the two months.

May residential sales were again over 9,000 for a second month in a row. This can be attributed to the first time buyer tax credit, affordable home prices, low interest rates, investors, FHA financing and the HUD relaxation of the 90 day no flip waiver for investors.