Washington, DC, June 23, 2014 -- Sales of existing homes rose 4.9% in May to a seasonally adjusted annual rate of 4.89 million, the National Association of Realtors reported.
The improving employment picture, lower interest rates, and more homes for sale are helping spur sales, according to Lawrence Yun, NAR's chief economist.
Economists had expected a rate of 4.75 million.
On Monday NAR revised April's rate to 4.66 million.
The median sales price was $213,400 in May, up 5.1% from a year ago.