U.S. Pending Home Sales Unexpectedly Increased in May -- NAR
By Xavier Fontdegloria
The number of houses going under contract in the U.S. increased
slightly in May, ending a six-month streak of declines, data from
the National Association of Realtors showed Monday.
--The Pending Home Sales Index, a leading indicator of home
sales based on contract signings, rose 0.7% on month to 99.9 in
--Economists polled by The Wall Street Journal expected sales to
fall 4% on month.
--May Pending home sales were 13.6% below the same month a year
--Despite the small gain in pending sales from the prior month,
the housing market is undergoing a transition because of much
higher mortgage rates, said Lawrence Yun, NAR's chief
--The increase in pending home sales in May was driven by a
sharp 15.4% monthly rise in the U.S. Northeast region, followed by
a marginal 0.2% advance in the South. Transactions fell in both the
West and the Midwest, by 5% and by 1.7%, respectively, the data
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(END) Dow Jones Newswires
June 27, 2022 10:14 ET (14:14 GMT)
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