Pending home sales increased 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of Realtors Pending Home Sales report.
On a regional month-over-month breakdown, the Northeast Pending Home Sales Index increased 2.1%, the Midwest increased 0.3%, the South increased 1.0% and the West increased 6.0%.
"Consistent job gains and rising wages are modestly helping the housing market," NAR Chief Economist Lawrence Yun said in a statement. "Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains."
Read the full report here.
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