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US Pending Home Sales Unexpectedly Rise In May, NAR Warns Housing Market "Transition" Underway
After an unexpected jump in new home sales and larger than expected drop in existing home sales, today's pending home sales print is the tie-breaker for sentiment in the housing market in May as homebuilder sentiment soured and mortgage rates and applications soared. As it turns out pending home sales unexpectedly rose 0.7% MoM in May (versus a 4.0% MoM expected drop) and with a downward revision to April from -3.9% MoM to -4.0% MoM... chart This ends a 6 month streak of declines and some wondered if the brief drop in mortgage rates during May could have sparked the modest rebound (of course, as we show below, rates ... (full story)