Reuters
UPDATE 1-U.S. pending home sales unexpectedly rise in May
Contracts to purchase previously owned U.S. homes rose by the most in 11 months in May driven by a decline in mortgage rates as well as an uptick in listings. The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on contracts signed last month, rose 8.0% to 114.7. “May’s strong increase in transactions – following April’s decline, as well as a sudden erosion in home affordability – was indeed a surprise,” Lawrence Yun, NAR’s chief economist, said in a statement.