A report released by the National Association of Realtors on Wednesday showed a substantial increase in pending home sales in the U.S. in the month of May.
NAR said its pending home sales spiked by 3.8 percent to 76.8 in May after rising by 0.3 percent to a downwardly revised 74.0 in April.
Economists had expected pending home sales to advance by 0.9 percent compared to the 1.4 percent jump originally reported for the previous month.
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