Pending home sales surge higher, but economists warn that the housing market could ‘soon hit bottom’
All regions saw an uptick in sales, led by a 15.5% surge in the Northeast. The South saw the smallest increase, with a 4.9% uptick.
Pending home sales rose 8% in May compared with April, the National Association of Realtors reported Wednesday. Economists polled by MarketWatch had projected a 1% decrease for pending home sales in May.
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