US home sales surge to the fastest pace this year despite rising mortgage rates and prices (opens in new tab)

Sales of previously occupied U.S. homes accelerated last month to their fastest pace since December, a sharp turnaround in demand for after a lackluster start to the spring homebuying season. Existing home sales rose 3.2% in May from the previous month to a seasonally adjusted annual rate of 4.17 million units, the National Association of Realtors said Tuesday. Sales rose last month even as mortgage rates have continued to mostly trend higher this spring, although they remain below where they...