U.S. Pending Home Sales Exceed Forecast as Mortgage Rates Fall
- June advance follows record May jump; sales up from year ago
- Realtors’ group raises forecast for 2020 existing-home sales
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An index of U.S. pending home sales exceeded forecasts in June as borrowing costs fell, adding to evidence that the housing market is the bright spot in an economy stunted by Covid-19.
The National Association of Realtors’ index of contract signings to purchase previously owned homes increased 16.6% after a 44.3% jump in May, according to data released Wednesday. The median forecast of economists surveyed by Bloomberg called for a 15% month-over-month gain in June. Compared with a year ago, pending sales are up 12.7% on an unadjusted basis.