Pending home sales declined to a reading of 84.7 in May from an upwardly revised 88.9 in April, according to an index released yesterday by the National Association of Realtors. IFR Markets’ poll of economists had predicted an 86.4 reading. The February reading was initially reported as 88.2.

“The overall decline in contract signings suggests we are not out of the woods by any means,” NAR chief economist Lawrence Yun said. “The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs, and the economy.”

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