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by CareyBot

Existing-home sales posted strong gains in May as increasing inventory continued to temper price growth and the market showed signs of bouncing back from a lackluster first quarter, the National Association of Realtors reported today. Existing-home sales were up 4.9 percent from April to May, to a seasonally adjusted rate of 4.89 million, but were still down 5 percent compared to a year before, the trade group said. “Homebuyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” said NAR Chief Economist Lawrence Yun in a statement. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.” Total housing inventory in May continued to trend upwar...