Economics
Pending Home Sales in U.S. Increase by Most in Nearly a Year
- National Association of Realtors’ index rose 8% in May
- Low borrowing costs, increased listings support housing demand
Photographer: David Paul Morris/Bloomberg
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U.S. pending home sales unexpectedly rose in May by the most in nearly a year as low borrowing costs paired with increased listings bolstered demand.
The National Association of Realtors’ index of pending home sales increased 8% from April to a four-month high of 114.7, according to data released Wednesday. The median estimate in a Bloomberg survey of economists called for a 1% decline.