WASHINGTON – The National Association of Realtors says pending home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market.
The Realtors group says its pending home sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May.
The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.
The last time there were five consecutive monthly gains was in July 2003.
The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.