Existing home sales rise in USA in May; mortgage rates still a constraint
Representative Image WASHINGTON: 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. Economists polled by Reuters had forecast home resales falling to a rate of 3.95 million units. The sales pace was the slowest for the month of May since 2009. 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…