Pending home sales ticked upward 1.1% in May, the National Association of Realtors (NAR) reports. Year-over-year, pending home sales dropped 0.7%.
NAR Chief Economist Lawrence Yun credits the slight increase to lower-than-usual mortgage rates and expects to see more home-buying activity in the coming months.
Regionally, pending home sales grew 3.5% and 3.6% in the Northeast and Midwest in May, respectively. Pending home sales in the South increased 0.1% as sales in the West fell 1.8%.
The full NAR report can be found here.
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