Pending home sales in May rose 6.7%, which was much higher than the anticipated 1%.  A report by Mamta Badkar on BusinessInsider.com speculated that the reason for the sharp increase was rising mortgage interest rates.  It makes sense, if you think about it.  People sped up their home buying plans before rates rose any higher.  After all 4 to 4½% interest rates are still pretty damn good.

Pending home sales in 2013 have risen 12.5% over 2012.

The results varied greatly by region.  In the West sales were up 16% for the month, but only 1% for the year.  The Midwest is selling at the fastest pace with pending sales up 10.2% for the month and 22% for the year.  The Northeast is up 14% for the year, but was flat for the month; and finally the South increased 2.8% for the month, but is up 12% for the year.