US: Pending Home Sales surge by 44.3% in May vs. 19.7% expected

Pending Home Sales in the US rebounded sharply in May.
Wall Street's main indexes continue to trade mixed after the data.

Eren Sengezer FXStreet

Pending Home Sales in the US rose by 44.3% on a monthly basis in May following April's decline of 21.8%, the data published by the US National Association of Realtors revealed on Monday. This reading came in much higher than the market expectation for an increase of 19.7%.

Further details of the publication showed that on a yearly basis, Pending Home Sales were still down 5.1%.

Market reaction

These figures don't seem to be having a significant impact on market sentiment. As of writing, the Dow Jones Industrial Average was up 1.05% on the day while the Nasdaq Composite was losing 0.25%.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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