U.S. pending homes sales index rebounded 5.9% to 101.1 in May

U.S. pending homes sales index rebounded 5.9% to 101.1 in May, erasing the 5.5% drop in April to 95.5. This matches March's level which was the highest since April 2010. The improvement is consistent with some generally more positive housing data reported this week. The index was up in each of the four regions surveyed, paced by the 14.5% surge in the West. On an annual basis, the index is up 15.3% y/y versus 14.7% previously.