U.S. Home Re-Sales Surpass 5 Million in May - KTVN Channel 2 - Reno Tahoe News Weather, Video -

U.S. Home Re-Sales Surpass 5 Million in May

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U.S. sales of previously occupied homes surpassed the 5 million mark in May, the first time that's happened in 3 1/2 years. The gain shows the housing recovery is strengthening.

The National Association of Realtors says home sales rose 4.2% in May to a seasonally adjusted annual rate of 5.18 million. That's up from April's pace of 4.97 million.
 
Sales last exceeded 5 million in November 2009. During that month and October 2009, a home-buying tax credit briefly inflated sales. Prior to that, sales hadn't been above 5 million since July 2007.
 
The median price of a home rose in May to $208,000, the highest level since July 2008. That represented a 15.4% jump from a year ago, the fastest year-over-year price gain since October 2005. (AP)

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