US: Existing home sales rise at fastest pace in 9 years in May

Sales of existing climbed 1.8% in May from the prior month to a seasonally adjusted annual rate of 5.53 million, the National Association of Realtors said Wednesday.

That was up 4.5% from a year ago and the fastest sales pace since February 2007. Expectations were for a 1.1% rise to a rate of 5.55 million in May.