The number of homes that went under contract in May leaped from the previous month as lower mortgage rates and growing home inventory stimulated buyer activity, according to a report from the National Association of Realtors. Pending home sales -- an indicator based on contract signings that anticipates home sales -- jumped 6.1 percent month over month in May, but were down 5.2 percent from the same time last year. “Sales should exceed an annual pace of 5 million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation,” said NAR Chief Economist Lawrence Yun in a statement. “However, second-half sales growth won’t be enough to compensate for the sluggish first quarter and will likely fall below last year’s total.” ...
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