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May US Pending Home Sales Index Posts Larger Gain Than Expected

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Pending home sales rose by 3.8% in May, well above the 0.9% increase expected in survey compiled by Bloomberg as of 7:35 am ET and following a 0.3% increase in April, according to the National Association of Realtors.

The monthly sales index was up 4.8% from May 2025.

"A late spring buyer rush -- even with mortgage rates not budging -- is an indication of pent-up housing demand and consumers' acceptance of above-6% mortgage rates as the new normal," said NAR Chief Economist Dr. Lawrence Yun, adding that more supply is needed to slow price growth.

Pending home sales rose in all four regions of the country from April and compared with a year earlier.

"Going forward, falling oil prices will help lower mortgage rates," Yun said. "But declines will be modest given sizable borrowing by the federal government and strong AI investment spending by tech companies."

June existing-home sales data are scheduled for release on July 9.

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