WASHINGTON (Reuters) – U.S. home resales rose in May to a more than nine-year high as improving supply increased choices for buyers, suggesting the economy remains on solid footing despite a sharp slowdown in job growth last month.
The National Association of Realtors said on Wednesday existing home sales increased 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.
“The economy can’t be going too far off course when home buying is picking up,” said Chris Rupkey, chief economist at
MUFG Union Bank in New York.
April’s sales pace was revised down to 5.43 million units from the previously reported 5.45 million units. Economists polled by Reuters had forecast sales rising 1.1 percent to a 5.54 million-unit pace in May.