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Sales of Existing U.S. Homes Rose More Than Forecast in May

Purchases of previously owned U.S. homes rose more than projected in May, a sign the industry is stabilizing after a weather-depressed quarter.

Sales climbed 4.9 percent to a 4.89 million annualized rate, the most since October, after a 4.66 million pace in April, figures from the National Association of Realtors showed today in Washington. The median forecast of 70 economists in a Bloomberg survey called for a rise to 4.74 million. Prices increased at the slowest pace in more than two years.