U.S. pending home sales increase in May
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FILE PHOTO: For Sale signs stand in front of houses in a neighborhood in Davenport, Florida, U.S., June 29, 2016. REUTERS/Phelan Ebenhack
WASHINGTON (Reuters) - Contracts to buy previously owned homes increased in May, the National Association of Realtors said on Thursday.
The NAR's pending home sales index rose to a reading of 105.4, up 1.1% from the prior month. Economists polled by Reuters had forecast pending home sales would rise 1.0%.
April's index was unrevised at 104.3.
Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later.
Compared to one year ago, pending home sales were down 0.7%, marking the 17th straight month of annual decreases.
(Reporting by Jason Lange; Editing by Paul Simao)
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