Existing home sales in May climb to 5 1/2-year high

Washington

PREVIOUSLY owned US homes sold in May at the fastest pace since November 2009, driven by first-time buyers and indicating budding momentum in the residential real estate market.

Closings on existing properties, which usually occur a month or two after a contract is signed, rose 5.1 per cent to a 5.35 million annualised rate, the National Association of Realtors reported on Monday in Washington. The share of first-time buyers matched the highest level since September 2012.