By Sarah Portlock and Josh Mitchell | The Wall Street Journal
Sales of previously owned homes surged in May to the highest level since late 2009, pushing prices up so quickly that a major real-estate trade group warned about unsustainable gains.
The number of home buyers purchasing previously owned homes surged in May to the highest level since late 2009, offering the latest signs of a strengthening housing recovery. Sarah Portlock reports.
Home sales rose 4.2% in May from a month earlier to a seasonally adjusted annual rate of 5.2 million, the first time the pace crossed 5 million since November 2009, the National Association of Realtors said Thursday. Existing-home sales peaked in September 2005 at an annual pace of about 7.3 million.
The figures, showing rising home prices and contracts closing at a brisk pace, boosted optimism for the housing market and its ability to support the broader economic recovery. Median prices rose 15.4% from a year earlier to $208,000, the highest level since July 2008.
