WASHINGTON: US existing-home sales surged in May to their strongest pace in nearly six years as more first-time buyers entered the market, the National Association of Realtors said on Monday.

Sales of existing, or used, homes leaped 5.1 per cent from April to an annual pace of 5.35 million units.

“Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers,” said Lawrence Yun, NAR’s chief economist.

“However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation.”

Buyers snapped up single-family homes, townhouses and condominiums at the highest rate since November 2009, surpassing analysts’ consensus estimate of a 5.26 million units annual pace.

Sales were up 9.2pc over May 2014 and marked the eight straight month of year-over-year increases as the housing market appears to be benefiting from modest wage growth and a tightening labour market.

Published in Dawn, June 23rd, 2015

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