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
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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.
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