The U.S. housing market delivered an unexpected burst of momentum in May, with existing home sales rising to their fastest pace of the year despite mortgage rates remaining high and record home prices.
Sales of previously owned homes climbed 3.2% from April to a seasonally adjusted annual rate of 4.17 million units, according to data released by the National Association of Realtors. The figure topped economists' expectations and marked the strongest sales pace since December. Sales were also up 3.2% compared to the same month last year.
