News Column

US Pending Home Sales Jump Much More Than Expected In May

June 30, 2014

WASHINGTON (Alliance News) - With lower mortgage rates and increased inventory accelerating the market, the National Association of Realtors released a report on Monday showing that pending home sales rose by much more than anticipated in the month of May.

NAR said its pending home sales index jumped 6.1% to 103.9 in May from 97.9 in April, while economists had expected the index to rise by about 1.0%.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

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Source: Alliance News

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