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
Washington
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 cent advance in the previous month, the National Association of Realtors (NAR) said on Monday in Washington. The median projection in a Bloomberg survey of economists called for the gauge to climb one per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Stormy Daniels’ ex-lawyer in the hot seat at Trump trial
New Zealand says ‘seriously concerned’ by China’s increased security actions in Pacific
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March