Existing Home Sales Up 4.9%, Beating Street Views By 3%
Existing-home sales grew 4.9 percent nationwide in May, logging the best monthly increase since 2011 according to a brokers' group.
Sales were running at a seasonally adjusted annual rate of 4.89 million, up 4.9 percent from April, the National Association of Realtors said Monday.
Wall Street expected a May sales rate of 4.75 million, or three percent lower than the actual number.
Meanwhile, prices grew 5.1 percent from a year ago to a median of $213,400; inventory rose 2.2 percent, up six percent from a year ago.
The May inventory suggests a 5.6-month supply, which is below the six-month inventory that brokers call a balanced market.
Lawrence Yun, the group's economist, said current sales activity is rebounding after the lackluster first quarter.
“Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” Yun said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”
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