TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Home re-sales highest since '09

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Thursday, June 20, 2013, 7:27 p.m.
 

WASHINGTON — Sales of previously occupied homes surpassed the 5 million mark in May — the first time in 3½ years.

The gain shows that the housing recovery is strengthening.

The National Association of Realtors said Thursday that home re-sales rose 4.2 percent in May to a seasonally adjusted annual rate of 5.18 million, up from the April's 4.97 million.

Sales last exceeded 5 million in November 2009. During that month and October 2009, a home-buying tax credit briefly inflated the sales pace. Prior to that, sales had not been above 5 million since July 2007.

Although the sales pace is still below the 5.5 million considered consistent with healthy markets, it has risen nearly 13 percent in the past 12 months.

With a tight supply of homes on the market, the median sales price rose to $208,000 — the highest since July 2008.

“Housing is now the strongest part of the economy in growth terms,” said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Chevron puts $20M into educating, training Appalachian workers
  2. Natrona Bottling Co. keeps soda pop operation focused on craft, taste
  3. Stocks rally; S&P 500 has best day of 2014
  4. Amid struggles, top fiscal executive to leave EDMC
  5. High pollution levels found near Ohio gas wells
  6. Small businesses plan for profitable winter
  7. Allegheny Technologies reports $700,000 loss in 3Q
  8. PPG Industries to buy Westmoreland Supply paint store chain
  9. Without pipelines, gas can’t get to demand
  10. Fannie Mae might take 3% down
  11. Large-scale batteries are integral in shift to renewable energy
Subscribe today! Click here for our subscription offers.