Existing Home Sales Rise 5.1% in May, Says NAR

Washington, DC, June 22, 2015—Fueled partly by an increase in the share of sales to first-time buyers, existing-home sales increased 5.1% in May to a seasonally adjusted annual rate of 5.35 million, the highest pace in nearly six years, according to the National Association of Realtors.

Led by the Northeast, all major regions experienced sales increases in May.

Sales have now increased year-over-year for eight consecutive months and are 9.2% above a year ago.

May home sales rebounded strongly following April's decline and are now at their highest pace since November 2009.

Total housing inventory at the end of May increased 3.2% to 2.29 million existing homes available for sale, and is 1.8% higher than a year ago.

Unsold inventory is at a 5.1-month supply at the current sales pace, down from 5.2 months in April.