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- U.S. existing-home sales increase more than expected in May
U.S. existing-home sales increase more than expected in May
The National
Association of Realtors (NAR) announced on Friday that the U.S. existing home
sales surged 2.5 percent to a seasonally adjusted rate of 5.34 million in May from
a revised 5.21 million in April (originally 5.19 million).
Economists had
forecast home resales increasing to a 5.25 million-unit pace last month.
According to
the report, single-family home sales stood at a seasonally adjusted annual rate
of 4.75 million in May, up from 4.63 million in April and down 0.8 percent from
4.79 million a year ago. Meanwhile, existing condominium and co-op sales were
recorded at a seasonally adjusted annual rate of 590,000 units in May, up 1.7
percent from the prior month and down 3.3% from a year ago.
In y-o-y terms,
existing-home sales dropped 1.1 percent in May.
The NAR’s chief
economist Lawrence Yun said that May’s jump shows that consumers are eager to
take advantage of the favorable conditions. “The purchasing power to buy a home
has been bolstered by falling mortgage rates, and buyers are responding.”
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