Pursuits
Pending Sales of U.S. Existing Homes Climb to Nine-Year High
Strength Indicated in Pending U.S. Home Sales
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Contracts to purchase previously owned U.S. homes rose in May to a nine-year high, indicating recent strength in the real-estate industry will be sustained.
The pending home sales index increased 0.9 percent to 112.6, the highest since April 2006, after a revised 2.7 percent advance in the previous month, the National Association of Realtors said Monday in Washington. The median projection in a Bloomberg survey of economists called for the gauge to climb 1 percent.