Home Sales Surge But Supply Constraints Loom

  Google+  Twitter | + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn


Total existing home sales — completed transactions that include single-family homes, townhomes, condominiums, and co-ops — increased 4.2 percent on the month in May to a seasonally-adjusted annual rate of 5.18 million. May’s SAAR is 12.9 percent above the year-ago period, and is the highest level since November 2009.

NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW!

“The housing numbers are overwhelmingly positive,” commented Lawrence Yun, chief economist at the National Association of Realtors, which publishes the report. Yun’s comment echoes sentiment expressed by many economists, including Federal Reserve Chairman Ben Bernanke. Bernanke cited the housing market as an economic tailwind in a highly-watched press conference on Wednesday, and indicated that rising home prices will continue to help improve consumer sentiment.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business