WASHINGTON (AP) - Americans snapped up houses in May almost as soon as properties were listed, fueling the strongest sales rate in nearly a decade.
The National Association of Realtors says sales of existing homes rose 1.8 percent last month to a seasonally adjusted annual rate of 5.53 million, the highest level since February 2007. Americans remain intent on buying homes, despite the low inventory of properties on the market that has pushed up prices. The high demand likely stems from a relatively healthy jobs picture and low mortgage rates.
Homes sold in May after just 32 days on the market, the fastest pace ever measured by the Realtors since they began tracking the figure in 2011.
The median home sales price was $239,700 in May, up 4.7 percent from a year ago.