Home re-sales highest since '09
By The Associated Press
Published: 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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Harsh winter sets back Western Pa. maple harvest
- ‘Boomerang’ buyers get another chance at homeownership
- Real estate goes techno
- CVS suit could be test case
- Diaper makers do due diligence
- Minorities crucial to filling Marcellus shale gas drilling jobs
- Lab develops sponges for oil spill cleanup
- Prepaid cards start to elbow aside bank accounts
- U.S. trade deficit rose to $39.1 billion in January
- JPMorgan whistle-blower gets $64M for mortgage fraud tips
- Natural gas industry buoyed by advancing technology