POLL-U.S. May existing home sales expected to rise

Sales of existing U.S. homes likely rose for a second straight month in May as plentiful supplies and low mortgage rates have opened the resale market to a wider range of buyers, according to a Reuters poll.

Existing homes probably rose to a 4.81 million annual rate in May, which would be the highest level since October, according to a median forecast of 64 economists polled by Reuters. Sales notched a 4.68 million annual pace in April.

This would also be the first back-to-back rise since August and September 2005, according to the National Association of Realtors.

"While sales may not have yet reached an absolute bottom, clearly a bottoming process is underway," Wachovia said in a research note.

Aiding the likely upswing is the rise in pending home sales for three straight months. The data for April released earlier this month showed the biggest monthly gain since October 2001 for pending home sales.

The National Association of Realtors will release U.S. existing-home sales data on Tuesday at 10 a.m. (1400 GMT).