US existing home sales rose 3.2 percent in May
Existing home sales increased to a seasonally adjusted annual rate of 4.17 million units last month, marking the highest level since December. While sales outperformed forecasts, rising mortgage rates and tight inventory continue to pose challenges for the broader housing market.
United States existing home sales rose 3.2% in May to a seasonally adjusted annual rate of 4.17 million units. This performance exceeded the 4.07 million units forecast by economists and represents the highest sales level since December. Resilient demand persists despite mortgage rates increasing by about 50 basis points following the onset of geopolitical conflict and persistent inflation.
