Existing Home Sales Boom Reaches 5.5-Year High

First-time buyers stepped up their purchases and sellers put more homes on the market this past month, pushing existing homes sales to reach their fastest pace since late 2009, MarketWatch reports.

Solid gains were a national trend, as the National Association of Realtors’ Chief Economist Lawrence Yun said that the numbers were consistent throughout the country.

Sales of existing homes rose 5.1 percent in May to a seasonally adjusted rate of 5.35 million, beating forecasts from economists polled by MarketWatch, who projected a sales rate of 5.25 million for May.

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