Existing home sales jumped 13% in May after an 8% increase in April, and it signals that the housing recovery is gaining momentum, according to the Re/Max National Housing Report.
The Denver-based realty company reported that May sales are 11.6% higher than a year ago and prices are up 10.8% from May 2012.
“Last year was the year of the housing turn-around and this year represents a start on the road to sustainability,” said Re/Max chief executive Margaret Kelly.
The May report shows that the number of homes for sale was largely unchanged from April. However, inventories are tight. “The corresponding months supply was a low 3.5—a clear indication of a seller’s market,” Re/Max said.
The National Association of Realtors releases its report on May existing home sales on June 20.
