The National Association of Realtors (NAR) said its pending home sales index
rose 3.8% in May to 76.8, the highest since last November; pending contracts
typically lead closed sales by 1–2 months. Pending sales were up 4.8% YoY.
Higher mortgage rates and tight inventory remain constraints. Oil-driven
inflation and a jump in U.S. Treasury yields after the Iran conflict have pushed
mortgage rates higher: Freddie Mac reports the 30-year fixed mortgage rate is up
more than 50 bps since the end of February, when the conflict began.
