SILVER SPRING, Md. (AP) — More Americans signed contracts to buy homes in May, a surprising rebound after months of cooling in the housing market, where lack of inventory has pushed prices to record levels. The National Association of Realtors’ index of pending home sales rose 8% to 114.7 in last month, the highest reading for May since 2005. That’s up from 106.2 in April. An index of 100 is equal to the level of contract activity in 2001. Contract signings, considered a barometer of purchases that will take place in the next one-to-two months, are 13.1% ahead of where they were one year ago.
US home contract signings see big rebound in May
