The National Association of Realtors® (NAR) announced that during the month of May sales of existing homes were at their highest rate in six years. This was on the heels of outstanding residential construction reports.
Pushing 5.1 percent higher in April sales of single-family homes, condos and townhomes slide in at a seasonally adjusted annual rate of 5.35 million units. Plus that rate in April was adjusted to 5.09 million units from 5.04 million. In fact, sales figures would be at their highest in more than 8 years If not for the Homebuyer Tax Credit of 2009.
Sales in May are 9.2 percent higher than the May of last year at a time when the rate was 4.90 million. Perhaps the most substantial increase is the number of first-time homebuyers, which rose to 32 percent over last year. Being 5 percentage points higher than in May 2014, this marks the highest share for first-time homebuyers since September 2012.
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