Existing-home sales crest 5 million in U.S. last month

Sales for existing homes rose by 13 percent in May.Nationwide purchases on previously owned properties increased substantially in May, new data shows.According to the National Association of Realtors, existing-home sales rose to a seasonally adjusted annual rate of 5.1 million last month from 4.9 million in April. On a year-over-year basis, these sales were approximately 13 percent ahead of the same period in 2012.These real estate buys were robust that?the last time this many existing?homes were purchased was in November 2009. More than 5.4 million residences were purchased at that time, largely as a result of the tax stimulus implemented by the federal government, NAR notes.As for what the national median existing-home price was in May, NAR says?that it increased 15 percent from last year, totaling $208,000.Meanwhile, in the Houston real estate market, the median amount for existing-home sales in May was $174,320, approximately 12 percent higher than in 2012 according to the Houston Association of Realtors.
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