Housing Mortgages Information

Condo Sales Main Driver of 2.0% Rise in U.S. Existing Home Sales

Condominium sales were the main driver of the 2.0% rise in existing home sales in May, which came in higher than the 1.2% gain expected by economists.

Condo sales rose 5.5% in May, more than reversing the 5.2% monthly drop in April, while single family home sales rose 1.6% in the month to 4.99 million units against the 4.95 million sales expected.

"Even with such a massive boost from condos, it did not even make a dent in the month's supply of condos which remains at 14.2 months," noted Charmaine Buskas, senior economics strategist from TD Securities.