Mortgage Girl

Pending home sales increased 0.1 percent in May and were 6.7 percent higher than a year ago according to the National Association of Realtors. It’s the first time pending sales have been able to string together four consecutive months since October 2004.

“Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” said NAR Chief Economist Lawrence Yun.

Regionally: pending home sales increased 3.1 percent in the Northeast, 2.2 percent in the West, lower by 1.7 percent in the South and 1.3 percent in the Midwest.