Pending Home Sales Hit Six-Year High in May

Washington, DC, June 27, 2013 -- Pending home sales in May reached a six-year high, the National Association of Realtors said.

The NAR's pending home sales index climbed 6.7% to 112.3 in May, from a downwardly revised 105.2 (from 106.0) in April.

The index was up 12.1% from May 2012.

"Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher," said Lawrence Yun, chief economist of the NAR.