The National Association of Realtors reported Wednesday that contract signings rose across all four major U.S. regions. This recovery in pending sales—a key leading indicator for existing home transactions—comes after a two-year period of market stagnation driven by high borrowing costs and limited inventory. April’s initial data was revised downward to 0.3%, making the May performance a notable shift in momentum.

NAR Chief Economist Lawrence Yun noted that the surge represents pent-up demand rather than a reaction to falling rates. While he anticipates that lower oil prices could eventually provide relief for mortgage seekers, he warned that federal borrowing and massive capital expenditure in artificial intelligence by tech giants will likely keep rate declines modest. Following the release, spot gold ticked higher to $4,344.08 per ounce, reflecting investor reaction to the broader economic signal.