With interest rates remaining low and unemployment slowly falling, U. S. existing home sales hit their highest pace in nine years last month, as sales rose nearly two percent from April to May to a seasonally-adjusted annual rate (SAAR) of 5.53 million, according to data from the National Association of Realtors (NAR).

MHProNews has learned from therealdeal May’s sales volume rose 4.5 percent over the same period last year, the fastest pace in nine years.

Reaching the highest median ever recorded, The Wall Street Journal reports the median sale price for an existing home jumped 4.7 percent from a year earlier to $239,700. The NAR forecasts the pace of existing home sales may rise three percent this year.

Meanwhile, the inventory of homes for sale continues to trail demand—there were 2.2 million existing homes on the market at the end of May, a drop of 5.7 percent from a year ago. Says the NAR’s Lawrence Yun, “We have a tight inventory situation—whatever is coming on the market is moving very fast.”

Meanwhile, in April the sale of new, single-family homes rose by nearly 17 percent over March, the fastest pace since Jan. 2008. ##

(Photo credit: mattheafey)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.