Contracts to buy homes up sharply in May

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WASHINGTON (AP)— The number of Americans who signed contracts to buy homes shot up in May. But the pace of buying this year remains slower than in 2013, in part because of sluggish sales during winter.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 6.1 percent to 103.9 last month. It was the sharpest month-over-month gain since April 2010. The index remains 5.2 percent below its level a year ago.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

Lower mortgage rates and increased supplies of homes on the market drove much of last month’s gains. Signed contracts rose in all four U.S. regions: the Northeast, Midwest, South and West.

The housing market is finally showing signs of momentum, though overall buying remains slower than last year.

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