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Pending Home Sales Surprise. They’re Still Way Below Last Year’s Levels.

·2 min read
Pending Home Sales Surprise. They’re Still Way Below Last Year’s Levels.

A measure of future home sales rose unexpectedly in May, but remained nearly 14% lower than the same period last year as rising mortgage rates started to discourage potential buyers. Pending home sales for May crept up 0.7% from April, according to new data from the National Association of Realtors. Economists were predicting that pending sales would drop 3.5% month over month, according to FactSet.