Pending U.S. home sales in May edged higher, ending a six-month streak of declines, with a slight rise of 0.7 percent from April, according to the National Association of Realtors on June 27.
Month-over-month regional results were mixed with a slight pickup on average, and the Northeast and Southern states experiencing a rise in sales, while the Midwest and West seeing a decline.
Pending sales in the Northeast rose by 15.4 percent in May—the largest monthly increase among the four major regions.
The West took the worse hit with a 5 percent reduction in future contracts in May, down 19.8 percent from May 2021.
“The largest decline in contract activity was observed in the West region, where homes are the most expensive,” said NAR’s Chief Economist Lawrence Yun….