June pending home sales up unexpectedly
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WASHINGTON (Reuters) - Home sales contracts signed in June unexpectedly rose across the country, but still were well below year-earlier levels, a real estate trade group said on Thursday.The National Association of Realtors said its Pending Home Sales Index, which is based on contracts signed in June, was up 5.3 percent to 89.0 from a downwardly revised 84.5 in May.It was the highest reading for the index since October, when it was at 89.8.The pickup in June signings was sharply contrary to forecasts by economists polled by Reuters who had expected home sales contract signings to decline 1 percent.The association's senior economist, Lawrence Yun, said the swings in monthly signings "indicates a housing market in transition" but it nonetheless was encouraging.(Reporting by Glenn Somerville; Editing by Neil Stempleman) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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