U.S. Pending Home Sales Rise 3.8% in May, Far Exceeding 0.8% Forecast

According to the National Association of Realtors (NAR), the U.S. pending home sales index rose 3.8% in May, surpassing economist forecasts of only a 0.8% increase. The data, announced on Wednesday, signals stronger-than-expected demand in the housing market despite elevated mortgage rates.

Year-over-year, pending home sales climbed 4.8%, above the anticipated 3.0% growth. All four U.S. regions—Northeast, Midwest, South, and West—recorded month-over-month gains.