India, June 26 -- The National Association of Realtors released a report on Thursday showing an unexpected rebound by pending home sales in the U.S. in the month of May.
NAR said its pending home sales index jumped by 1.8 percent to 72.6 in May after tumbling by 6.1 percent to a revised 71.3 in April.
Economists had expected pending home sales to dip by 0.3 percent compared to the 6.3 percent plunge originally reported for the previous month.
"Consistent job gains and rising wages are modestly helping the housing market," said NAR Chief Economist Lawrence Yun. "Hourly wages are increasing faster than home prices."
He added, "However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordabili...