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Residential sales show improvement in May


Home sales levels continued to improve earlier this year.

Home sales continued to rise during the first few months of the year, and the figures showed further positivity in May.

During the month, the annual sales rate rose to 476,000 units, according to a report from the Department of Commerce. This figure was approximately 2 percent higher than the previous month's rate of 466,000. One year earlier, the rate was 369,000, which marked a 29 percent gain year-over-year.

Meanwhile, inventory came in at a rate of 161,000 units, the report noted. This brought May's supply to 4.1 months. There also was a strong median sales price, as it was nearly $264,000, while the average price was close to $307,800.

"We're definitely seeing some good news and some very strong numbers," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, told ABC News.

There was further improvement noted earlier this year in the residential market. A report from CoreLogic showed that home prices rose to more than 12 percent in April compared to the same month in 2012. There was also a projection that this could increase to as much as 12.5 percent in May.

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