Existing home sales broke out of a two-month slump in May, rising by 2.5 percent compared to April and beating, by a considerable margin, analysts' consensus expectations.  The National Association of Realtors® said sales of single-family homes, townhomes, condominiums, and co-ops were at a seasonally adjusted annual rate of 5.34 million units compared to 5.19 million the previous month.  The surge in sales however was not enough to bring sales up to the 5.40 million pace of the previous May; the shortfall was 1.1 percent.  All four regions saw gains, with an especially strong one in the Northeast.

 

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