U.S. pending home sales show signs of stabilizing

Contracts to buy previously owned U.S. homes rose modestly in April, a sign of stabilization in the housing market, which had been pummeled by higher interest rates and a harsh winter. The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed last month, increased 0.4 percent to 97.8. Sales stumbled last summer after the U.S. Federal Reserve signaled it would soon reduce economic stimulus efforts, pushing mortgage rates sharply higher.

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