USA: Existing Home Sales Rise More than Expected.

Existing home sales in the United States rose by 3.2% from the previous month to an annualized rate of 4.17 million, extending the rebound from the seven-month low in March. The result surpassed market expectations of a softer rebound to 4.07 million despite the elevated levels of mortgage rates in the period, as high energy prices and a robust labor market drove long-maturity Treasury yields to rise. Sales were firmly higher in the South (3.2% to 1.96 million) and the Midwest (6.4% to 1.0 million), while the increase was lower in the Northeast (2.2% to 0.46 million) and sales were unchanged at the West (0.75 million). Inventory grew by 3.3% on the month, the highest in 10 months, equivalent to 4.5 months of supply at the latest sales rate.