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Home Sales Post Largest Gain Nationally Since 2011

WASHINGTON, D.C. — Sales of previously owned homes posted the best gain in nearly three years in May, the National Assoc. of Realtors reported, rising 4.9% to a seasonally adjusted rate of 4.89 million. That gain was the fastest since August 2011; still, sales are 5% below the pace of May 2013. And the pace of home sales is well below the 5.1 million homes sold in 2013 and off the pace of 5.5 million annual sales that would be consistent with a healthy economy. Sales were dampened by last year’s rise in mortgage rates, tight supplies, and tougher lending standards.

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