US May pending home sales +1.8% vs +0.1% expected

• Prior was -6.3%
• Index at 72.6 vs 71.3 prior
• Sales up 1.1% y/y vs -2.5% prior

NAR Chief Economist Lawrence Yun, “Consistent job gains and rising wages
are modestly helping the housing market, with hourly wages increasing
faster than home prices. However, mortgage rate fluctuations are the
primary driver of homebuying decisions and impact housing affordability
more than wage gains.”

There is hope that rate cuts will help US mortgage rates but there’s a fair chance that the long end moves up if the market isn’t confident of getting inflation under control.

This article was written by Adam Button at www.forexlive.com.