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Purchases of previously owned U.S. homes rose more than projected in May, a sign the industry is stabilizing after a weather-depressed quarter.

Retail sales rose 0.3% in May after a revised 0.5 % gain in April that was much larger than previously estimated, the Commerce Department reported.

Contracts to purchase previously owned homes rose in April for the second straight month, a sign the residential real estate market is stabilizing after a weak start to the year.

Sales of new homes rose 6.4% in April to a 433,000 annualized pace from a revised 407,000 in March that was larger than initially estimated, the Commerce Department reported.

Retail sales increased 0.1% in April after the biggest increase in four years, the Commerce Department reported May 13.

Pending home sales rose 3.4%, the most since May 2011 and the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported, the National Association of Realtors said April 28.

Sales of new homes plunged 14.5% in March to a 384,000 annualized pace, the lowest level in eight months, the Commerce Department reported April 23.

Sales of previously owned homes fell in March for the third consecutive month as rising prices and cold weather discouraged would-be buyers.