Wilfredo Lee, Associated Press
WASHINGTON — Sales of previously owned U.S. homes in May posted the best monthly gain in nearly three years, providing hope that housing is beginning to regain momentum lost over the past year.
The National Association of Realtors says that sales of existing homes increased 4.9 percent last month to a seasonally adjusted annual rate of 4.89 million homes. The monthly gain was the fastest since August 2011, but even with the increase sales are still 5 percent below the pace in May 2013.
Sales have been dampened by last year's rise in mortgage rates from historic lows and various other factors including tight supplies and tougher lending standards.
The median price of a home sold in May was $213,400, up 5.1 percent from a year ago.
- 11 guaranteed steps to cut family spending
- RSL unveils massive new solar project
- S.L. mayoral candidates tangle over political...
- VW executive apologizes but says scandal not...
- UTA to bolster transit service for 'College...
- Gov. Gary Herbert among the first to 'fly' in...
- Balancing act: To keep employees, focus on...
- New online screening tool finds help for...
- 40 percent tax on employer insurance... 22
- Ogden farmer's pumpkin patch, version... 10
- Warehouse clubs: Where to find the savings 8
- Rocky Mountain Power honors LDS Church... 5
- Salt Lake police receive $1.8 million... 5
- VW executive apologizes but says... 4
- A multigenerational hit: Student debt... 3
- S.L. mayoral candidates tangle over... 3