Pending home sales in the U.S. rebounded by much more than anticipated in the month of May, according to a report released by the National Association of Realtors on Wednesday, with pending sales matching the highest level in the past two years.
NAR said its pending home sales index jumped 5.9 percent to 101.1 in May from 95.5 in April. Economists had expected pending home sales to show a much more modest 1.2 percent increase.
With the bigger than expected increase, the index matched the reading seen in March, which is the highest level since April of 2010.
by RTT Staff Writer
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