WASHINGTON (Reuters) - U.S. home resales unexpectedly fell in June after two straight months of hefty increases, but a surge in prices to a five-year high suggested the housing market recovery remained on course.
The National Association of Realtors said on Monday home sales fell 1.2 percent to an annual rate of 5.08 million units. Still, sales remained the second highest since November 2009.
May's sales pace was revised down to 5.14 million units from the previously reported 5.18 million units. Economists polled by Reuters had expected sales to rise to a 5.25 million unit pace in June.
In the 12 months through June, sales were 15.2 percent higher. The median price for a previously owned home soared 13.5 percent from a year ago to $214,200, the highest since June 2008.
The NAR said a spike in mortgage rates, in anticipation of the Federal Reserve starting to reduce its massive monetary stimulus later this year, had probably dampened sales in June.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
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