Sales of previously occupied U.S. homes accelerated last month to their fastest pace since December, a sharp turnaround in demand for after a lackluster start to the spring homebuying season.
Existing home sales rose 3.2% in May from the previous month to a seasonally adjusted annual rate of 4.17 million units, the National Association of Realtors said Tuesday. Sales also rose 3.2% compared with May last year.
Home sales increased from a year earlier in the Midwest, South and West, but fell in the Northeast, NAR said.
The latest sales figure topped the roughly 4.07 million pace economists were expecting, according to FactSet.
Home sales have been mostly hovering close to a 4-million annual pace going back to 2023, far short of the historic norm that is closer to 5.2-million.
