May Pending Home Sales Mark Biggest Gain in Six Months
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U.S. pending home sales increased 8.2 percent for May, reversing a downwardly-revised 11 percent decline in April. Economists were looking for a smaller gain of just 3 percent.
The increase was the biggest gain since November 2010, according to the National Association of Realtors.
Billed as a leading indicator, the metric is based on contract signings.
The index currently sits at 88.8 as of May. A reading of 100 is consistent with the average level of contract activity in 2001, when record keeping began. The last time the index broke 100 was April 2010.
All four regions showed an increase in contract signings from a month earlier, led by a 13 percent gain in the western U.S.
The increase was the biggest gain since November 2010, according to the National Association of Realtors.
Billed as a leading indicator, the metric is based on contract signings.
The index currently sits at 88.8 as of May. A reading of 100 is consistent with the average level of contract activity in 2001, when record keeping began. The last time the index broke 100 was April 2010.
All four regions showed an increase in contract signings from a month earlier, led by a 13 percent gain in the western U.S.
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