Steel Markets
June 23, 2016
Existing Home Sales in May Best Since 2007
Written by Sandy Williams
Existing home sales in May grew to their highest pace in over nine years, said the National Association of Realtors in their most recent report. Sales were up 1.8 percent to a seasonally adjusted annual rate of 5.53 million, compared to the downwardly revised April rate of 5.43 million.
Existing sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose for the third consecutive month in May. “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,” said Lawrence Yun, NAR chief economist. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”
