U.S. existing home sales rise in May

Sales of previously owned homes in the United States rose at a slower-than-expected pace in May, an industry survey showed Tuesday, pointing to a sluggish recovery from the severe economic recession.

The National Association of Realtors said sales rose 2.4 percent to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April. That compared to market forecasts for a 4.81 million-unit pace. However, sales increased for a second straight month in May.

A separate survey from the Federal Reserve Bank of Richmond showed a reading of manufacturing sentiment in the U.S. mid-Atlantic states rose to 6 in June from 4 in May and minus 9 in April. However, manufacturers' outlook for the next six months softened somewhat, signaling conditions remain fragile.

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- Posted: 2009-06-23 10:16:46

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