Pending Home Sales Post Surprise Increase in May, Likely Due to Brief Pullback in Mortgage Rates

Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April.

Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April, according the National Association of Realtors.

Buyers have been contending with rising mortgage rates since the start of this year, but rates actually pulled back slightly in May, and that may account for the sales gain.Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April, according to the National Association of Realtors.

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