Sales of previously owned homes ticked slightly higher in May, although not enough to rescue a weak spring housing market.

U.S. existing home sales unexpectedly increased in May, but the trend remained weak amid high mortgage rates. Home sales climbed 0.8% last month to a seasonally adjusted annual rate of 4.03 million units,

Pending sales of previously owned homes in the US picked up in May after a sharp decline a month earlier, although overall activity remained subdued headed into summer.