After reporting steep drops in U.S. pending home sales over the past several months, the National Association of Realtors released a report on Monday showing an unexpected rebound in pending home sales in the month of May.
NAR said its pending home sales index climbed 0.7 percent to 99.9 in May after plunging by 4.0 percent to a revised 99.2 in April. The increase surprised economists, who had expected pending home sales to tumbled by another 3.7 percent.
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