Despite an improvement in the other three regions, pending home sales in the South sank — sending the overall national level lower. The drop was again blamed on supply.

May 2018’s Pending Home Sales Index preliminarily was a seasonally adjusted 105.9. Reflected in the index is a large national sample of contract signings.

Last month’s index level was an indication that pending home sales have subsided to the lowest volume since January, when the index landed at 104.3.

Source: Mortgage Daily