First-Time Buyers Help Push Home Sales to 9-Year High

Posted To: MND NewsWire

Sales of existing homes increased in June for the fourth consecutive month . The National Association of Realtors® (NAR) said it was encouraged to see the month also bring a modest increase in the percentage of first-time homebuyers. Sales of existing single-family homes, townhomes, condominiums, and cooperative apartments rose 1.1 percent from May to a seasonally adjusted annual rate of 5.57 million units . Sales in May were at a rate of 5.51 million, a downward revision from the 5.530 million originally reported. Sales were up 3.0 percent from the June 2015 rate of 5.41 million units. Last month's sales were at the highest annual pace of any month since February 2007 . May sales topped analysts' expectations. Those polled by Econoday had expected sales in a range of 5.40 million to 5...(read more)

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