BY SNEJANA FARBEROV | REALTOR
Sales of existing homes climbed in May to their highest level since December, as affordability gains and rising incomes paved the way for more first-time homebuyers to enter the market.
Existing-home sales rose 3.2% both month over month and year over year to a seasonally adjusted annual rate of 4.17 million, the National Association of Realtors® reported Tuesday.
Compared to April, sales of previously owned homes picked up in the Northeast, Midwest, and the South, but were unchanged in the West. Annually, sales rose in every region except the Northeast, where they declined.
