PORTLAND, OR , June 23, 2014 (RISI) -
Total existing-home sales in the U.S. rose 4.9% to a seasonally adjusted annual rate (SAAR) of 4.89 million in May from an upwardly-revised 4.66 million in April, but remain 5.0% below the 5.15 million-unit level in May 2013, according to the National Association of Realtors. The 4.9% month-over-month gain in May was the highest monthly rise since August 2011 (5.5%).
Total housing inventory at the end of May climbed 2.2% to 2.28 million existing homes available for sale, representing a 5.6-month supply at the current sales pace, down slightly from 5.7 months in April. Unsold inventory is 6.0% higher than a year ago, when there were 2.15 million existing homes available for sale.
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