US pending home sales increased 1.1pc YOY

(Sharecast News) - US pending home sales increased 1.1% year-on-year in May, according to the National Association of Realtors, marking the first annual rise in six months. Based on signed contracts, pending home sales increased 1.8% month-on-month to 72.6, with sales rising in all four regions.

"Consistent job gains and rising wages are modestly helping the housing market," said NAR chief economist Lawrence Yun.

"However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains."





Reporting by Iain Gilbert at Sharecast.com