Existing Home Sales Improve in May

Existing homes sales rose for the second straight month in May, the National Association of Realtors said Wednesday.

Sales rose 2.4% to an annual rate of 4.77 million homes, from a revised 4.66 million in April, the group said in its monthly report.

Economists had forecast home resales would rise 4.82%, Bloomberg reported.

Median prices for existing homes fell 17%, the third-largest decrease on record.