Pending Home Sales, which measures signed contracts in existing homes, bounced back strongly in May, rising 44.3%. This was the highest month over month gain on record…but before we start celebrating, the April reading fell by 22% and March saw a decline of 21%. For perspective, the index level of 99.6 compares with 111.4 in February and 108.9 in January. Although we are getting back a lot of what was lost, sales are still down 5.1% year over year.