Sales Of Previously Owned Homes Climb 5%

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Existing home sales – which include single-family homes, townhomes, condominiums, and co-ops – rose 4.9 percent in May, according to new numbers from the National Association of Realtors. The improvement marks the second straight month of gains and brings home sales within 5 percent of their year-before levels. It was also the highest monthly increase since August 2011. Lawrence Yun, NAR’s chief economist, said current sales activity is rebounding from a lackluster first quarter, as home buyers take advantage of slower price growth, increasing inventory, and the recent dip in mortgage rates. According to the release, sales increased across all four regions of the country. The Midwest saw the biggest gains, rising 8.7 percent from the month before, though the South wasn’t far behind with a 5.7 percent increase. The median time on market for all homes was 47 days, up less than a week from one year ago. In fact, 41 percent of homes sold during the month were on the market less than a month. The median existing single-family home price was $213,600, up 4.9 percent from last May. More here.