TribLIVE

| Business


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

Home re-sales highest since '09

Email Newsletters

Click here to sign up for one of our email newsletters.

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.

Daily Photo Galleries

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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Financial planning for disabled people a little-tapped field
  2. AT&T evolves beyond phones
  3. This robot is cute, artificially intelligent and employed
  4. How to cover work history gaps
  5. Taxes matter in  fund investing, even when there’s no bill
  6. Developer hopes to make Allegheny Center a tech hub
  7. Murray Energy expects to lay off as many as 1,800 more
  8. American Eagle posts improved first-quarter results
  9. Cheap oil can hurt economy
  10. Keep pesky neighbors from stealing your Internet
  11. Parent of Lane Bryant, Justice to buy owner of Ann Taylor for $2B