U.S. home sales at 5-1/2-year high on first-time buyers

U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009. "It suggests that the U.S. housing market recovery is back on track after the missteps earlier this year.

U.S. home sales at 5-1/2-year high on first-time buyers source: http://finance.yahoo.com/news/u-home-sales-5-1-145805151.html