CNBC's Diana Olick joins 'Squawk on the Street' to discuss the latest housing data to cross the tape.

Pending home sales in May saw a modest increase of 1.8% from the previous month and were 1.1% higher compared to the same period last year, according to data from realtors. This small gain exceeded market expectations, which had predicted flat results, and occurred despite mortgage rates briefly surpassing 7%.

Regionally, the Northeast and West experienced the strongest month-to-month growth, but only the South and Midwest saw year-over-year gains. The increase in pending sales is attributed to a 31.5% rise in housing supply compared to last year. However, the overall pending home sales index remains near its lowest level in 24 years. In contrast, new home sales dropped significantly, highlighting ongoing affordability challenges in the housing market.

Pending home sales in May up 1.1% year-over-year

From fresh housing data just crossing, Diana Olick has that for us. Diana. Well, David, pending home sales in May rose 1.8% from April and were 1.1% higher than May of last year. That, according to the realtors. This is a small beat. The street was actually looking for basically flat. Now, this count is based on signed contracts, so people out shopping in May when mortgage rates were climbing and briefly went over 7% on the 30-year fits. Regionally, sales were strongest month to month in the Northeast and West, but compared with last year, sales were down everywhere except in the South and Midwest. Midwest is the cheapest, of course. South is where they have the most for sale. So, OK, why the tiny gain with rising rates in overall sales? It's likely due to all more supply. There are 31.5% more homes for sale now than there were at this time last year. But just for perspective, the pending home sales index, while slightly higher than it was a year ago, is hovering around the lowest level in 24 years. It's just a few points higher than it was in April 2020 during the pandemic shutdown, that one month drop. Now, yesterday we got the report on new home sales, which is also based on signed contracts, and it tanked well over 13% for the month. New homes are more expensive comparatively, and there are very few new builds at the entry level price point. So really, Sarah, it is just all about affordability and lack thereof in today's market.

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