June 20, 2013
Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected existing-home sales to hit 5 million.
The median price of an existing-home jumped $16,200, or 8.4 percent, for the month and was up $27,700, or 15.4 percent, from May 2012.
The inventory of homes for sale rose to 2.22 million from 2.15 million in April, translating to a 5.1 month supply compared with April’s 5.2 month supply.