Home sales in May with owners recorded their biggest monthly increase in nearly three years in the U.S., providing hope that the sector is beginning to regain lost momentum last year.
houses statements unidosLa National Association of Realtors reported Monday that sales rose 4.9% last month to an annual rate of 4.89 million homes. The increase was the fastest since August 2011, but sales are still 5% below the May 2013 rate.
Sales have been inhibited by the increase last year interest rates on mortgages historically low levels and various other factors, including low supply and lending requirements.
The average price of a home sold in May was $ 213,400, up 5.1% from a year ago.
After reaching a recent peak of 5.33 million sales in mid-year annual rate, sales began to drop. Potential buyers have been dealing with a limited supply of housing, more expensive homes and tighter restrictions on lending, resulting in the property boom of the last decade that ended in millions of foreclosures.
Five years after the start of the recovery from a deep recession caused in part by the housing slump, home sales have not returned to their historical averages. Demand remains strong for the most expensive faces, but not for housing low and medium price.
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