A report released by the National Association of Realtors on Tuesday showed existing home sales in the U.S. spiked by much more than anticipated in the month of May.
NAR said existing home sales surged by 3.2 percent to an annual rate of 4.17 million in May after climbing by 0.8 percent to an upwardly revised rate of 4.04 million in April.
Economists had expected existing home sales to jump by 1.5 percent to an annual rate of 4.08 million from the 4.02 million originally reported for the previous month.
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