Housing Market Probably Brightened in May: U.S. Economy Preview
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Sales of existing homes probably rose in May to a three-year high and builders began work on more new properties, extending gains in residential real estate that are boosting the U.S. expansion, economists said before reports this week.
Purchases of previously owned houses climbed 0.6 percent to a 5 million annualized rate, the strongest since November 2009, according to the median forecast of economists surveyed by Bloomberg ahead of a June 20 report from the National Association of Realtors. Housing starts may have increased to a 950,000 pace last month.