May Resales 3rd-Best Ever

Existing-home sales continued at a blistering pace in May, jumping 1.2%, according to figures compiled by the National Association of Realtors. May's home sale reading was the third-best ever for the industry.The NAR said sales activity in May rose 4.4% compared with that of the same month last year. NAR chief economist David Lereah said home sales continue to defy earlier expectations. "The pace of home sales so far this year has been higher than projected," he said, adding, "We still expect sales activity to ease a little, but to end this year with a new annual record." Mr. Lereah once again credited historically low mortgage rates as the driving force behind the sales numbers, but noted: "Strong activity by first-time buyers is the key to the overall health of the market because it provides liquidity for people wishing to trade into another home." The NAR can be found on the Internet at http://realtor.org.