Existing-home sales highest since 2009 - Economic Report

Sales of existing homes in April were 9.7% higher than during the same period in the prior year. Pent-up demand is supporting sales, but tight credit standards and inventories are holding back gains, NAR said. There are also headwinds remaining from high unemployment, though the economy is adding jobs. "Unless the regular turnover increases more aggressively, existing-home-sales growth could flatten out somewhat this year," wrote Yelena Shulyatyeva, an economist at BNP Paribas.''