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First-time buyers drove sales of existing homes in May to the highest level in nearly six years, according to the National Association of Realtors. All regions of the U.S. experienced hikes last month, but the Northeast was the only area of the nation that saw a double-digit increase. Existing-home sales rose 5.1 percent in May to a seasonally adjusted annual 5.35 million units sold. This compares to 5.09 million units in April. Total existing home sales are comprised of completed transactions involving single-family homes, townhomes, condominiums and co-ops. Home sales in May have pushed the seasonally adjusted mark to its highest level since November 2009, when 5.44 million units were sold, said Lawrence Yun, the NAR's chief economist. "Solid sales gains were seen throughout the country as more homeowners listed their homes for sale, and therefore provided greater choices for buyers," Yun said. "Sales have now increased year-over-year for eight consecutive months, and are 9.2 percent above a year ago, or 4.90 million," the NAR said in a news release. First-time homebuyers contributed greatly to last month's surge in sales, rising to 32 percent from 30 percent in April. A year ago, first-time buyers represented 27 percent of all buyers. Sales of single-family homes jumped 5.6 percent in May to a seasonally adjusted 4.73 million units, compared to 4.48 million in April. This is 9.7 percent above the 4.31 million mark of a year ago. Existing condominium and co-op sales increased 1.6 percent last month to a seasonally adjusted 620,000 units, compared to 610,000 units in April. This is 5.1 percent higher than May 2014, when sales stood at 590,000 units. Sales in the Northeast rose 11.3 percent last month to a seasonally adjusted 690,000 transactions. This is also 11.3 percent higher than the number of sales a year earlier. Existing home sales in the West climbed 4.3 percent in May to an annual rate of 1.21 million, or 9 percent better than the same month in 2014. In the Midwest, existing-home sales rose 4.1 percent last month to an annual rate of 1.27 million. This is 12.4 percent above the level of a year ago. Sales in the South increased 4.3 percent in May to an annual rate of 2.18 million, or 6.9 percent above the same month in 2014.
Francisco Uviña, University of New Mexico
Hardscape Oasis in Litchfield Park
Ash Nochian, Ph.D. Landscape Architect
November 12th, 2025
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