Existing-home sales increased 5.1 percent in May to a seasonally adjusted annual rate of 5.35 million from 5.09 million in April. This is the highest pace since November 2009’s rate of 5.44 million, according to the National Association of Realtors.
With a 9.2 percent year-over-year increase, May is the eighth consecutive month to show year-over-year sales increases.
“Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers,” said Lawrence Yun, NAR chief economist, in a statement.
Although more homeowners listed their home for sale, nationwide housing inventory is still tight and forcing home prices to increase, he added.
Total housing inventory at the end of May increased 3.2 percent to 2.29 million existing homes for sale, and is 1.8 percent higher than a year ago (2.25 million). The median home price in May was $228,700, which is 7.9 percent above the same period a year ago.
