On the rise: May saw 12,463 sale and purchase agreements for residential units, up 68.9% over a year earlier.

The total number of sale and purchase agreements for all types of building units in May surged 64.2% over a year earlier to 14,853, with the total consideration at $54.1 billion, up 116%.

The Land Registry said the number of agreements in May went down 8.8% from April, but the total consideration rose 13%.

Using a 12-month moving average, the number of agreements in May represented an increase of 4.7% over April and 15% over a year earlier.

Among the 14,853 sale and purchase agreements, 12,463 were for residential units, down 11.8% from April but up 68.9% over a year earlier. The total consideration of these agreements was $45.8 billion, up 18.5% over April and 130.6% over a year earlier.