U.S. home resales rose more than expected in May and the stock of properties for sale was the highest in more than 1-1/2 years, suggesting that housing was pulling out of a recent slump.
The National Association of Realtors said on Monday existing home sales increased 4.9 percent to an annual rate of 4.89 million units. May's increase was the largest since August 2011.
\April's pace was revised up to a 4.66 million units from the previously reported 4.65 million units.
Economists polled by Reuters had forecast sales rising 2.2 percent to a 4.73 million-unit pace last month.