Having dropped 4.4 percent in April to 106.2, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, rebounded 8.0 percent in May to 114.7, which was 13.1 percent higher than at the same time last year and a 16-year seasonal high.

That being said, while pending sales were up last month, purchase loan activity dropped in June and is currently down 17 percent, year-over-year.

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