WASHINGTON – June 23, 2014 – Existing-home sales rose strongly in May and inventory gains continued to help moderate price growth, according to the National Association of Realtors® (NAR). All four regions of the country experienced sales gains compared to April.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. However, year-to-year sales were 5 percent below the 5.15 million-unit level in May 2013.
The 4.9 percent month-over-month gain in May was the highest monthly rise since August 2011 (5.5 percent).
"Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year," says Lawrence Yun, NAR chief economist. "Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates."
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