Pending residential property sales in the United States 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 latest report from the National Association of Realtors.
Its Pending Home Sales Index, a forward looking indicator based on contract signings, increased 8.2% to 88.8 in May from an upwardly revised 82.1 in April and is 13.4% higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time