By: The Associated Press

WASHINGTON — Americans snapped up houses in May almost as soon as properties were listed, fueling the strongest sales rate in nearly a decade.

Sales of existing homes rose 1.8 percent last month to a seasonally adjusted annual rate of 5.53 million, the highest level since February 2007, the National Association of Realtors said Wednesday.

People remain intent on buying homes, despite the low inventory of properties on the market that has caused prices to rise. The elevated demand likely stems from low mortgage rates and a relatively healthy jobs picture with unemployment at 4.7 percent, even with a recent slowdown in hiring.

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