Pending home sales rose less than expected in May but are still at the highest level since 2006. The National Association of Realtors’ index of pending home sales rose less than expected, by 0.9% to a seasonally-adjusted 112.6. Analysts had expected a 1-1.2% increase.
“The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” NAR chief economist Lawrence Yun said.
Last week, the association saw a sharp pickup in existing home sales following a decline in April. Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April.