Reuters
U.S. existing home sales unexpectedly increased in May, but the trend remained weak amid high mortgage rates.
Home sales climbed 0.8% last month to a seasonally adjusted annual rate of 4.03 million units, the National Association of REALTORS® said on Monday.
Sales fell 0.7% on a year-over-year basis in May.
"The relatively subdued sales are largely due to persistently high mortgage rates," said Lawrence Yun, the NAR's chief economist. "If mortgage rates decrease in the second half of this year, expect home sales across the country to increase."
The inventory of existing homes increased 6.2% to 1.54 million units in May. Supply surged 20.3% from a year ago.
The median existing home price rose 1.3% from a year earlier to $422,800 in May, an all-time high for the month.