US home sales surge to best level since 2009

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By dawn.com

US existing-home sales surged in May to their strongest pace in nearly six years as more first-time buyers entered the market, the National Association of Realtors said on Monday.

Sales of existing, or used, homes leaped 5.1 per cent from April to an annual pace of 5.35 million units.

“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’s chief economist.

“However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation.”

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