While the National Association of Realtors Pending Home Sales Index surged 6.1 percent from April to May, the largest month-over-month gain since April of 2010, the index remains 5.2 percent lower on a year-over-year basis.

At the same time, the inventory level of homes for sale across the U.S. increased 8.6 percent and is running 14.2 percent higher on a year-over-year basis versus 9.5 percent higher last month.

The Pending Home Sales index for the West rose 7.6 percent from April to May but remains 11.1 percent lower versus the same time last year.

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