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US home sales rise during May
SALES of previously-occupied homes in America rose in May for the second consecutive month in a row, though the results fell short of analysts’ expectations.
The National Association of Realtors said sales rose 2.4 per cent between April and May, to an annual rate of 4.77m. Analysts had forecast an annual rate of around 4.81m.
The median price of homes sold came in at $173,000 (£105,200), 16.8 per cent below the previous year, with foreclosures and distressed sales pulling down this average.