Pending Home Sales Turn Around In May

Pending home sales rose strongly in May with all regions
experiencing gains from a year ago, pointing to higher housing activity in the
second half of the year, according to the National Association of
REALTORS®.

The Pending Home Sales Index rose
8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4
percent higher than the 78.3 reading in May 2010. The data reflects contracts
but not closings, which normally occur with a lag time of one or two
months.

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