National existing-home sales in May rose for the third-consecutive month despite persistently tight inventory. According to the National Association of Realtors (NAR), existing-home sales grew 1.8% compared to April and were 4.5% higher than May 2015. The NAR indicated that existing-home sales were at their highest pace since February 2007. In the West, existing-home sales climbed 5.4% on a month-over-month basis, but were 1.7% lower than the same time last year.
Lawrence Yun, NAR’s Chief Economist, stated, “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize.” Yun went on to say that as long as job growth remained strong, he anticipated sales to continue their current pace throughout the summer months. Read the full article at http://bit.ly/28V4GBs.