U.S. pending home sales hit eight-month high in May

Contracts to buy previously owned U.S. homes hit an eight-month high in May, the latest indication that housing was pulling out of a recent soft patch. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 6.1 percent to 103.9, the highest level since September of last year. Home sales fell last summer after the U.S. Federal Reserve signaled it would soon reduce its economic stimulus efforts, which pushed interest rates higher.

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