The Northeast helped the country break a six-month skid overall for pending home sales prices with a 15.4 percent spike in May, according to the National Association of Realtors.
Overall, prices rose by 0.7% compared to April, but NAR chief economist shrugs that off and suggests a downward trend.
"Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition," Lawrence Yun said in prepared statements. "Contract signings are down sizably from a year ago because of much higher mortgage rates."
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