US home sales rise during May

SALES of previously-occupied homes in America rose in May for the second consecutive month in a row, though the results fell short of analysts&rsquo; expectations.<br /><br />The National Association of Realtors said sales rose 2.4 per cent between April and May, to an annual rate of 4.77m. Analysts had forecast an annual rate of around 4.81m.<br /><br />The median price of homes sold came in at $173,000 (&pound;105,200), 16.8 per cent below the previous year, with foreclosures and distressed sales pulling down this average.