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U.S. home sales increase

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U.S. home sales increased in May, according to a report from the National Association of Realtors, which indicated that more buyers are responding to lower home prices. The NAR reported that existing home sales increased 2 percent last month to 4.99 million units, but remained 15.9 percent below the 5.93 million units sold during the same time last year. The total housing inventory at the end of the month fell 1.4 percent to 4.49 million existing homes for sale, representing a 10.8 month supply, down from an 11.2 month supply in April. The national median home price was down 6.3 percent to $208,600 from $222,700 last year. TRD