Re­sales of U. S. homes jump 5%

Los Angeles Times - - BUSINESS - By An­drew Khouri an­drew.khouri@latimes.com Twit­ter: @khourian­drew

The hous­ing mar­ket perked up in May as sales re­bounded to hit their high­est pace in nearly six years.

The U. S. hous­ing mar­ket perked up in May as sales re­bounded to their high­est pace in nearly six years.

Sales of pre­vi­ously owned homes jumped 5.1% from April to a sea­son­ally ad­justed an­nual rate of 5.35 mil­lion, the Na­tional Assn. of Real­tors said Mon­day.

The na­tional gain, which beat an­a­lyst ex­pec­ta­tions, fol­lowed a 3.3% dip in April.

Lawrence Yun, the Real­tors’ chief economist, said the May gain was partly driven by a jump in list­ings, as well as in­creased con­fi­dence among first- time home buy­ers.

Strong job growth for young adults and low down­pay­ment pro­grams are help­ing more young buy­ers en­ter the mar­ket­place, Yun said.

“The re­turn of f irst- time buy­ers in May is an en­cour­ag­ing sign,” he said in a state­ment. “More f irst- time buy­ers are ex­pected to en­ter the mar­ket in com­ing months, but the over­all share climb­ing higher will de­pend on how fast rates and prices rise.”

In May, the na­tional me­dian home price rose 7.9% from a year ear­lier to $ 228,700.

In the West, the me­dian price climbed 10.2% from a year ear­lier, while sales rose 4.3% from April, when ad­justed for sea­sonal f luc­tu­a­tions.

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