US May pending sales +1.1% m/m vs +1.0% expected

May US pending home sales:

• Prior was -1.5%
• Year over year sales -0.8% vs +0.4% expected

Lawrence Yun, NAR chief economist said consumer confidence about home buying has risen, and he expects more activity in the coming months. "The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points," he said in the release. "Job creation and a rise in inventory will nonetheless drive more buyers to enter the market."