US existing home sales increased by 0.8% in May to a seasonally adjusted annualised rate of 4.03m, according to the National Association of Realtors.
Source: Sharecast
May's print saw existing home sales bounce back from the previous month's 0.5% drop, ahead of expectations for a decline to 3.96m.
Sales rose 4.2% in the Northeast, helping to offset a drop of 5.4% in the West.
NAR chief economist Lawrence Yun said: "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. Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth."
Reporting by Iain Gilbert at Sharecast.com
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