Pending Home Sales Fall

Existing home sales have been trending higher but today's pending home sales index, which tracks contract signings, may be pointing to slowing for the early part of the summer. The index fell a steep 3.7 percent in the May report to nearly reverse a downward revised 3.9 percent jump in April. Year-on-year, the pending sales index is down 0.2 percent which hints at moderation for the 4.5 percent rate of final sales. Details data show monthly declines across all four regions with year-on-year rates all flat near zero. Housing data have been up and down this year but behind the noise have been deceptively solid rates of growth, among the strongest rates of the nation's slow-growth economy.