Sales of Existing U.S. Homes Rise to Highest Since 2007

Sales of previously owned homes climbed in May to the highest level in more than nine years, indicating that demand for residential real estate remains robust, National Association of Realtors data showed Wednesday.

Housing demand is showing signs of improving from 2015 when 5.25 million homes were sold, the best year for Realtors since before the last recession. A firm labor market, steadily rising wages and low interest rates are combining to give residential real estate some room to run. More supply of new and existing homes that helps moderate price growth would help make housing more affordable for first-time buyers and provide an added spark for the market and the economy.