By Trey Garrison | Housing Wire
Existing-home sales increased in May to their highest pace in nearly six years, according to the National Association of Realtors, but what’s really behind the numbers and what do they mean?
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.1% to a seasonally adjusted annual rate of 5.35 million in May from an upwardly revised 5.09 million in April. Sales have now increased year-over-year for eight consecutive months and are 9.2% above a year ago.
This is a rebound from last month, when existing-home sales dropped 3.3% on a monthly basis.
