US existing home sales jump to 5-1/2-year high….

U.S. home resales surged to a 5-1/2-year high in May as first-time buyers piled into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter.  The National Association of Realtors said on Wednesday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009.  The increase unwound April’s surprise drop in purchases, which economists had dismissed as a blip given that forward-looking indicators on home sales, including mortgage applications, had been fairly strong during that period.  The Realtors group revised April’s sales pace up to 5.09 million units from the previously reported 5.04 million units. Economists polled by Reuters had forecast home resales rising to a 5.26 million-unit pace last month.  First-time buyers accounted for 32 percent of transactions, the largest share since September 2012.  May’s sturdy home sales report added to last week’s data on building permits in portraying an upbeat picture of the housing market. It joined strong retail sales, consumer sentiment and employment data reports in suggesting a building up of momentum in the economy after output contracted at the start of the year….
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s