Pending Home Sales Hit Eight-Month High

Washington, DC, June 30, 2014 -- Pending home sales rose 6.1% in May to reach the highest level in eight months, the National Association of Realtors reported Monday.

The index of pending home sales reached 103.9 in May, compared with 97.9 in April. NAR attributed the increase to low mortgage rates, more inventory and stronger job creation.

In May the index was down 5.2% from a year ago.