US pending home sales rose 0.9% in May

FXStreet (Mumbai) - The pending home sales index rose 0.9% in May, following a downwardly revised 2.7% in April. The actual figure was lower than the estimate of 1.2%.

On an unadjusted basis, the index rose 8.3% in the 12 months ended in May, following a 12.6% gain in April. This was the fifth straight month of growth.

Economists believe Employment growth and relatively low borrowing costs will ensure the strength in the real estate industry will be sustained.