Pursuits
First-Time Buyers Drive U.S. Home Sales to Best Since 2009
(Bloomberg) -- Previously owned U.S. 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. Bloomberg's Julie Hyman reports on “Market Makers.” (Source: Bloomberg)
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More first-time homebuyers took the plunge in May, helping catapult U.S. sales of previously owned properties to their highest level since 2009.
Closings on existing houses, which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate, the National Association of Realtors said Monday. First-time buyers accounted for 32 percent of purchases during the month, matching the highest share since September 2012.