U.S. pendings increase 13 percent in May

After dropping in April, pending home sales bounced back in May, matching the highest level in the past two years and hitting well above year-ago levels, according to the National Association of REALTORS®. Both monthly and annual gains were seen in every region.

Lawrence Yun, NAR chief economist, says longer term comparisons are more relevant. "The housing market is clearly superior this year compared with the past four years. The latest increase in home contract signings marks 13 consecutive months of year-over-year gains,” he says. "Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

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