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US Pending Home Sales in May decreased 2.7% MoM (consensus -0.5%, April -0.4%) and 20.8% YoY unseasonally adjusted (expected -20.5%, April -22.8%), falling to its lowest level this year.
The resale market continues to face challenges due to high borrowing costs and tight availability. Many buyers are turning to the new home market, keeping existing home sales at moderate levels.