IE Business Daily Business news for the Inland Empire.
Sales of existing homes rose to their highest level in nearly six years in May, as more first-time buyers entered the national housing market.
Total existing-home sales – single-family homes, townhouses, co-ops and condominiums – totaled a seasonally adjusted 5.3 million last month, a 5.1 percent increase from April, according to data released Monday by the National Association of Realtors in Washington, D.C.
Year-over-year, existing-home sales were up 9.2 percent compared with May 2014, the eighth consecutive month that sales have been up from one year earlier, the association stated.
“Solid 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, the association’s chief economist, in a statement. “However, overall supply remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation.
“Without solid gains in new home construction, prices will likely stay elevated.”
