U.S. pending home sales rose 0.7% in May, the National Association of Realtors said Monday.
The numbers: U.S. pending-home sales rose in May by 0.7%, according to the monthly index released Monday by the National Association of Realtors.This increase breaks a six-month decline, and comes as mortgage rates continue to rise.
Key details: Compared with a year earlier, transactions were down 13.6%. Regionally, the index jumped the most in Northeast, and fell in the Midwest and West.The index reflects transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.
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