CNBC
Sales of previously owned homes rose very slightly in May, up 0.8% from April, to a seasonally adjusted, annualized rate of 4.03 million units, according to the National Association of REALTORS®.
Housing analysts had been predicting a 1% decline. Sales were 0.7% lower than May of last year.
Sales were strongest in the Northeast, up 4.2% month-to-month. They also rose in the Midwest and South, but they fell in the West, down 5.4%. The West is the most expensive region of the country, according to NAR.
This count is based on closings, so contracts were likely signed in March and April.
"The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market," said Lawrence Yun, NAR's chief economist, in a release. "If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs."