US Pending Home Sales Increase to Highest Reading for May Since 2005

US Pending Home Sales Increase to Highest Reading for May Since 2005
A for-sale sign is seen in front of a home in Miami, Fla., on Sept. 30, 2020. Joe Raedle/Getty Images
Reuters
Updated:

Contracts to purchase previously owned U.S. homes rose strongly in May to the highest level for that month since 2005.

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on contracts signed last month, rose 8.0 percent to 114.7. Economists polled by Reuters had forecast pending home sales would decline 0.8 percent.