Pending home sales increased 0.1% to a reading of 90.7 in May from 90.6 in April, according to an index released yesterday by the National Association of Realtors.
Thomson Reuters’ poll of economists had predicted a 90.5 reading.
Year over year, the pending homes sales index was up 6.7% from last May, when the index was at 85.0.
Regionally, pending sales were mostly higher. The Northeast saw a 3.1% increase to 80.9 in May, while sales fell 1.3% to 89.2 in the Midwest.
In the South, sales declined 1.7% to 92.6, while in the West, pending sales jumped 2.2% to 96.9.