REUTERS/Swati Pandey/File PhotoSYDNEY, June 1 (Reuters) - Australian home prices rose for the third consecutive month in May, with the pace of growth accelerating sharply as demand remained strong despite high mortgage rates, and the number of available homes nudged lower. Figures from property consultant CoreLogic released on Thursday showed national home prices surged 1.2% in May after rising in March and April, and finding a floor in February. The report showed the rise in prices was because of persistently low levels of available housing supply running up against rising housing demand. Advertised listings trended lower through May compared with April, with about 1,800 fewer homes listed in the state capital cities. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

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Persons: Swati Pandey, CoreLogic, Tim Lawless, Sydney, Renju Jose, Jamie Freed Organizations: REUTERS, Brisbane, Perth, Thomson Locations: SydneyÕs, Chatswood, Australia's, Melbourne, Adelaide, Canberra, Sydney