Business, Economics and Jobs

US pending home sales rise in May


Foreclosure sales are so popular in some states, that there aren't enough foreclosures to sell, the National Association of Realtors said.


Justin Sullivan

An index of pending homes sales in the US posted its largest gain in more than six months in May, according to the latest data from the National Association of Realtors

The Realtors group said its pending home sales index was up nearly 6 percent and around a two-year high. 

Pending home sales haven't been this strong since April 2010 when buyers were rushing to collect home-buyer tax credits, MSNBC said

Pending home sales are now at what's considered a healthy level, the Associated Press said. The news agency said the Realtors' data suggests home sales will continue to increase over the summer as the housing recovery continues. 

More from GlobalPost: US home sales rise 3.4 percent in May 

Record-low interest rates and cheaper prices are helping keep sales up even though the US jobs outlook remains cloudy and access to mortgages remains tough, Bloomberg said

More from GlobalPost: When the BRICs crumble