According to Bloomberg.com, sales of previously owned homes in the U.S. rose in May from the lowest level in at least nine years as a slide in prices lured some buyers into the market.
Resales increased 2 percent to a 4.99 million annual rate, higher than forecast, from a 4.89 million pace in April, the National Association of Realtors said today in Washington. The Commerce Department separately said the economy grew at a 1 percent annual pace in the first quarter, capping the weakest six-month expansion in five years.
The supply of homes for sale remains about twice the level representing a stable market, according to the NAR, and figures have yet to show any sign of sustained sales gains. Federal Reserve officials yesterday said the housing contraction will likely damp growth into 2009.
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