US home sales experience marginal increase
by Kay Murchie
The National Association of Realtors announced today that sales of previously owned homes in the US rose in May, albeit at a slower-than-expected pace.
The organisation said sales rose 2.4% to an annual rate of 4.77 million units, up from the revised 4.66 million reported in April. Analysts had expected a 4.81 million-unit pace for the month of May.
However, the rise marks the second consecutive monthly rise and point to a recovery, albeit sluggish.
US house prices are down 16.8% compared with a year ago with the average sale price currently at $173,000 (£105,000), compared with the $207,900 in May last year.
“The housing number suggests that things are bottoming, but that’s a far cry from improving,” said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto.
“I think the markets are focused on how fast the recovery is going to be, and I think it won’t be as fast as people are thinking,” added Mr Kumar.
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Tags: home, May, National Association of Realtors, rise, sales, US
