Pending Home Sales in May has reached the highest level in more than 6
years
US Pending home sales rose in May to
the highest level since late 2006, which indicates the possibility of interest
rates began to rise, 
The Pending Home Sales Index, (The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.)
is an indicator based on contract signings, increased 6.7 % to 112.3 in May from a downward revised 105.2 in April, so the data reflect contracts but not closings.
Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.
Existing-home sales are projected to increase 8.5 to 9.0 percent, reaching about 5.07 million in 2013, the highest in seven years; it would be slightly above the 5.03 million total recorded in 2007.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.
NOTE: Existing-home sales for June will be reported July 22, 2013
