Financial News: U.S. Pending Home Sales Spike Much More Than

U.S. Pending Home Sales Spike Much More Than Expected In May

06/17/2026 - 11:16:00 (RTTNews)

(RTTNews) - A report released by the National Association of Realtors on Wednesday showed a substantial increase in pending home sales in the U.S. in the month of May.

NAR said its pending home sales spiked by 3.8 percent to 76.8 in May after rising by 0.3 percent to a downwardly revised 74.0 in April.

Economists had expected pending home sales to advance by 0.9 percent compared to the 1.4 percent jump originally reported for the previous month.

With the bigger than expected increase, the pending home sales index reached its highest level since hitting 77.2 in November 2025.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"A late spring buyer rush-even with mortgage rates not budging-is an indication of pent-up housing demand and consumers' acceptance of above-6% mortgage rates as the new normal," said NAR Chief Economist Dr. Lawrence Yun.

"The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings," he added. "More supply is needed to help moderate home price growth."

NAR said pending home sales in the Northeast and Midwest soared by 8.7 percent and 8.1 percent, respectively.

Pending home sales in the South also shot up by 1.0 percent, while pending home sales in the West climbed by 0.7 percent.

"Going forward, falling oil prices will help lower mortgage rates," Yun said. "But declines will be modest given sizable borrowing by the federal government and strong AI investment spending by tech companies."

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