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US existing home sales unexpectedly rise in May

The number of homes on the market rose 2.1%, but supply was down 8.4% from a year ago

Reuters  |  Washington 

US home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high. The National Association of Realtors (NAR) said on Wednesday existing home sales increased 1.1% to a seasonally adjusted rate of 5.62 million units last month. Economists polled by Reuters had forecast sales declining 0.5% to a rate of 5.55 million units. Sales were up 2.7% from May 2016. The number of homes on the market rose 2.1%, but supply was down 8.4% from a year ago. Housing inventory has ...

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First Published: Wed, June 21 2017. 23:10 IST
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