Housing sales increased for May

Housing sales increased for May

Americans bought new homes in May at the fastest pace in more than two years. The increase suggests a modest recovery in the housing market continues, despite weaker job growth.

The Commerce Department said Monday that sales of new homes increased 7.6 percent in May from April to a seasonally adjusted annual rate of 369,000 homes. That's the best pace since April 2010, the last month that buyers could qualify for a federal home-buying tax credit.

Even with the gains, the pace is less than half the 700,000 that economists consider to be healthy.

Still, the increase follows other signs that suggest the housing market is rebounding nearly five years after the bubble burst.

 

Read more in today's Oregonian.