NAR: Pending Home Sales Index decreased 3.7% in May, down 0.2% year-over-year

From the NAR: Pending Home Sales Skid in May After steadily increasing for three straight months, pending home sales letup in May and declined year-over-year for the first time in almost two years, according to the National Association of Realtors®. All four major regions experienced a cutback in contract activity last month. The Pending Home Sales Index, a forward-looking indicator based on contract signings, slid 3.7 percent to 110.8 in May from a downwardly revised 115.0 in April and is now slightly lower (0.2 percent) than May 2015 (111.0). With last month's decline, the index reading is......(read more)

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