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- U.S. pending home sales increase slightly more than forecast in May
U.S. pending home sales increase slightly more than forecast in May
The National
Association of Realtors (NAR) announced on Thursday its seasonally adjusted
pending home sales index (PHSI) rose 1.1 percent m-o-m to 105.4 in May, up from
104.3 in April.
Economists had
expected pending home sales to rise 1.0 percent m-o-m in May.
On y-o-y basis,
the index dropped 0.7 percent. That was the 17th consecutive month of annual
declines.
According to
the report, the pending home sales rose in three of the four regions in m-o-m
terms but fell in all regions compared to May 2018. Pending home sales in the
South inched up 0.1 percent m-o-m to an index of 124.1 in May, which is 0.7
percent higher than last May. The PHSI in the Northeast climbed 3.5 percent
m-o-m to 92.0 in May and is now 0.5 percent below a year ago. The index in the Midwest
surged 3.6 percent m-o-m to
100.3 in May, 1.2 percent lower than May 2018. Meanwhile, the index in the West
fell 1.8 percent m-o-m in May to 91.8 and dropped 3.1 percent below a year ago.
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