May existing home sales rise 0.8% vs. -1.3% estimated

Good morning, Carl. Existing home sales in May rose very slightly, up 0.8% from April to a seasonally adjusted annualized rate of 4.03% million units. According to the realtors, the street was looking for a slight decline.Sales were 0.7% lower than May of last year. That is the slowest pace since 2009 for May. Now, this count is based on closing, so contracts likely signed in March and April.The average rate on the 30-year fixed mortgage was steady in March, but then shot higher over 7% in April. The increa ...