Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April, according to the National Association of Realtors.

That broke a six-month streak of declining demand. Sales were still 13.6% lower than in May 2021.

Buyers have been contending with rising mortgage rates since the start of this year, but rates actually pulled back slightly in May, and that may account for the sales gain. More supply also came on the market, and total active inventory increased as well, as some homes sat on the market longer.

The average on the 30-year fixed mortgage hit a high of 5.64% in the first week of the month, but then fell to 5.25% by the end of the month, according to Mortgage News Daily. By mid-June it surged again to just over 6%.

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