Resale of home rise 4 per cent in the US

Resale of home rise 4 per cent in the USAccording to the latest figures released, the total sales of previously-owned stores rose 4 per cent during the month of May to cross five million, which is its highest level in three and a half years.

The growth indicates that the housing market in the US is improving in recent times. The National Association of Realtors said that the total home re-sales rose 4.2 per cent in May to seasonally adjusted annual rate of 5.18 million, compared to 4.97 million recorded during the month of April. The home re-sales have remained below 5.5 million but have risen by about 13 per cent during the previous 12 months.

The housing market has a limited supply and thus the median sales price has risen to its highest since July 2008 to $208,000. Housing market is an important part of the US economy and the gradual improvement in the sector will contribute toe h overall stability and growth in the world's largest economy as it faces federal cuts. Experts believe that the housing market has recovered from its crisis as there are signs that the consumers are increasing demand for the housing units in the market.