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9-year high for US home resales
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US home resales rose in May to a more than nine-year high as improving supply raised choice for buyers, suggesting the economy is on solid footing despite a slowdown in job growth last month.
The National Association of Realtors said yesterday existing home sales rose 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.
April’s sales pace was revised down to 5.43 million units from the previously reported 5.45 million units. Economists polled by Reuters had forecast sales rising 1.1 percent to a 5.54 million-unit pace in May. Sales rose 4.5 percent from a year ago.
The strong home resales added to retail sales data in painting an upbeat picture of the economy. That should help allay fears about the economic outlook which were stoked by last month’s paltry job gains.
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