Pending home sales slowed more than expected in May, plunging 30.0% to a seasonally adjusted reading of 77.6 from 110.9 in April, according to a report released Thursday by the National Association of Realtors.

The index measures contract-signing activity for existing homes, making it a leading indicator for housing market resales. Its baseline reading of 100 reflects the average level of contract signing activity in 2001.

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