The housing recovery is strengthening as evidenced by the fact that sales of previously occupied homes surpassed the 5 million mark this past May. The National Association of Realtors announced this week that home re-sales rose 4.2 percent in May. The last time sales exceeded the 5 million mark was back in November 2009, and prior to that July 2007. While this new sales pace is still below the 5.5 million mark which is considered healthy, it has risen 13 percent in the last 12 months. The median sale price of homes has also increased due to the limited number of inventory available. With signs pointing to a healthier housing market in the future, builders are are more optimistic to add new product to the market. Sellers are seemingly more confident in the market and are also beginning to list, with hopes that they will be able to lure buyers.
U.S. home re-sales
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