Home buyers who borrow money to purchase homes rather than refinance their existing debt helped push existing home sales in May to their highest rate in six years, according to the National Association of Realtors.

Total existing-home sales – which refer to completed transactions that include single-family homes, townhomes, condominiums and co-ops – rose by 5.1% to a seasonally-adjusted annual rate of 5.35 million in May from an upwardly revised 5.09 million in April, the association reported. Sales have now increased year-over-year for eight consecutive months and are 9.2% above where they stood a year ago, NAR added.

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