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U.S. pending home sales unexpectedly rebound in May
Reuters
U.S. pending home sales unexpectedly rebound in May
Mon, June 27, 2022, 10:01 AM
WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes unexpectedly increased in May after declining for six straight months, but higher mortgage rates are cooling demand for housing.
The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, rose 0.7% last month to 99.9, rebounding from a two-year low in April. Pending home sales increased in the Northeast and the densely populated South, but fell in the West and Midwest.
Economists polled by Reuters had forecast contracts, which become sales after a month or two, would drop 3.7%. Pending home sales plunged 13.6% in May on a year-on-year basis.
"Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition," said NAR chief economist Lawrence Yun. "Contract signings are down sizably from a year ago because of much higher mortgage rates."
{snip}
U.S. pending home sales unexpectedly rebound in May
Mon, June 27, 2022, 10:01 AM
WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes unexpectedly increased in May after declining for six straight months, but higher mortgage rates are cooling demand for housing.
The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, rose 0.7% last month to 99.9, rebounding from a two-year low in April. Pending home sales increased in the Northeast and the densely populated South, but fell in the West and Midwest.
Economists polled by Reuters had forecast contracts, which become sales after a month or two, would drop 3.7%. Pending home sales plunged 13.6% in May on a year-on-year basis.
"Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition," said NAR chief economist Lawrence Yun. "Contract signings are down sizably from a year ago because of much higher mortgage rates."
{snip}
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