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CHARLOTTE -- While the latest report on real estate activity in Charlotte may contain good news, there is also a potential sign of bad news on the horizon.

The Charlotte Regional Realtor Association says closings in May increased 32 percent compared to the same time last year and were also 14 percent higher than April.

The number of pending contracts was down in May, dropping more than 30 percent from the month before. That may signal a slowdown in sales now that the homebuyer tax credits have expired

But realtors say mortgage rates remain historically low and they're hopeful the gains will continue.

"Everybody should look at it in a positive way even though the numbers may sound a little bit extreme,” said Anne Marie Howard, CEO of the Charlotte Regional Realtor Association. “From what I am hearing when I talk with our members, there were a lot of consumers who were out looking that weren't rushing to get the tax credit and that the $8,000 just didn't make that much of a difference to them. And those consumers understand that it's still a great time to buy."

Howard added that realtor members have told her they have a lot of optimism about the second half of the year.