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 percent to a seasonally
adjusted rate of 5.62 million units last month.Economists polled by Reuters
had forecast sales declining 0.5 percent to a rate of 5.55 million units.
Sales were up 2.7 percent from May 2016.