Home sales jumped in May as buyers shrugged off higher mortgage rates

US home sales experienced a significant surge in May, reaching the fastest pace recorded so far this year. This increase occurred despite the prevailing environment of higher mortgage rates and elevated property prices. Buyers demonstrated resilience by shrugging off these financial pressures to enter the housing market. The data indicates a strong jump in activity, marking a notable peak in home sales for the current year regardless of the challenging economic conditions.