Pending home sales surge 5.9% in May to 2-yr high

WASHINGTON (MarketWatch)
Pending home sales climbed 5.9% in May to match a two-year high, a trade group said Wednesday
The National Association of Realtors said its pending-home-sales index rose to 101.1 in May from 95.5 in April
The index is 13.3% above May 2011 levels. May marked the highest level since the scheduled expiration of the home buyer tax credit in April 2010
A sale is listed as pending when the contract has been signed but the transaction has not closed
An index of 100 is equal to the average level of contract activity during 2001