Economic Buzz: US pending home sales rebound in May

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.

The rebound by pending home sales partly reflected strength in the West, where pending home sales surged by 6.0 percent.

Pending home sales in the Northeast also shot up by 2.1 percent, while pending home sales in the South jumped by 1.0 percent and pending home sales in the Midwest rose by 0.3 percent.

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