Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April.
Figures released Monday by the National Association of Realtors also showed first-time buyers stepped up their purchases, supported by a strengthening jobs market and greater access to mortgages.
A greater number of homes on the market also supported more sales, NAR said. Economists polled by MarketWatch had expected a May rate of 5.25 million, compared with an originally reported April rate of 5.04 million. This year is on track to be the best for home sales since 2007, NAR said. On Monday, NAR revised April's pace to 5.09 million.
