NAR: Pending Sales of U.S. Existing Homes Rise by 8.2%
The number of contracts to buy previously owned U.S. homes rose almost three times as much as forecast as falling prices made properties more affordable. The surprising 8.2% increase in the index of pending home resales from April followed a revised 11% drop the prior month, the National Association of Realtors said. Economists forecast a 3% gain, according to the median estimate in a Bloomberg News survey.
-- “Pending Sales of U.S. Existing Homes Rise by 8.2%, Almost Triple Forecasts,” by Alex Kowalski, Bloomberg, June 29, 2011.