The pace of existing home sales in the United States rose in May to a 4.99 million-unit annual rate, the National Association of Realtors said in a report on Thursday that slightly beat analysts expectations.
Economists polled by Reuters were expecting home resales to rise to a 4.93 million-unit pace, from the 4.89 rate initially reported for May.
The inventory of homes for sale shrank by 1.4 per cent to 4.49 million homes or a 10.8 months’ supply at the current sales pace.
Meanwhile, the median national home price declined 6.3 per cent from a year ago to US$208,600. — REUTERS
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