U.S. Pending Home Sales Surge in May

U.S. pending home sales increased last month to its highest level since 2005, data showed on Wednesday.

The Pending Home Sales Index rose by 8.0% in May to 114.7, according to data by the National Association of Realtors.

The surge in the gauge of contracts signed last month came against market expectations, with a recent Reuters poll forecasting pending home sales would decrease by 0.8%.

On an annual level, pending home sales grew by 13.1%.