The National Association of REALTORS (NAR) reported that pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, rose 5.9 percent to 101.1, up from 95.5 in April. In the Northeast, the index rose 4.8 percent to 82.9 in May and is 19.8 percent above May 2011.