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Pending sales of existing homes climb to nine-year high in May

Employment growth, pick-up in incomes and relatively low borrowing costs are helping to lure buyers

Economists consider pending sales a leading indicator because they track new purchase contracts. The Realtor group's existing-home sales data are tabulated when a deal closes.


CONTRACTS to purchase previously owned US homes rose in May to a nine-year high, indicating recent strength in the real-estate industry will be sustained.

The pending home sales index increased 0.9 per cent to 112.6, the highest since April 2006, after a revised 2.7 per