RTTNews - Pending home sales increased for the fifth consecutive month in June, according to a report released by the National Association of Realtors on Tuesday, with the increase in pending sales exceeding economist estimates by a wide margin.

NAR said its pending home sales index jumped 3.6 percent to 94.6 in June from an upwardly revised reading of 91.3 in May. Economists had been expecting a much more modest increase by the index of about 0.7 percent.

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