Pending Home Sales Surge in May

Washington, DC, June 27, 2012 -- Pending home sales rebounded in May, matching the highest level since April 2010, according to the National Association of Realtors.

The Pending Home Sales Index rose 5.9% to 101.1 in May from 95.5 in April and is 13.3% above May 2011 when it was 89.2. The data reflect contracts but not closings.

The index also reached 101.1 in March.

"The housing market is clearly superior this year compared with the past four years," said NAR chief economost Lawrence Yun.

"The latest increase in home contract signings marks 13 consecutive months of year-over-year gains." He said total sales for the year could rise 9-10%.