U.S. existing home sales unexpectedly increased in May, but the trend remained weak amid high mortgage rates. Home sales climbed 0.8% last month to a seasonally adjusted annual rate of 4.03 million units,

Sales of existing homes in the United States were tepid in May, according to industry data released Monday, as high mortgage rates weighed on the market. From a year ago, existing home sales were down 0.

Sales of previously occupied U.S. homes edged higher in May, as stubbornly high mortgage rates and rising prices made homebuying less affordable even as the inventory of properties on the market continued to increase.