Contracts to purchase previously owned homes in the U.S. saw a significant rebound in June, driven by an improved housing supply and slightly moderated mortgage

rates that attracted buyers back to the market.

The National Association of Realtors (NAR) reported on Wednesday that its Pending Home Sales Index, which is based on signed contracts, jumped 4.8% last month to 74.3. All four regions of the country experienced a rise in pending home sales.

Economists surveyed by Reuters had predicted a 1.5% increase in contracts, which typically turn into sales within a month or two. However, pending home sales were still down 2.6% compared to June of the previous year.

"The rise in housing inventory is beginning to lead to more contract signings," noted NAR Chief Economist Lawrence Yun.

Mortgage rates, which had surged in the spring, have since eased, and the rate of house price increases is slowing. Despite these positive signs, a sharp rebound in home sales remains unlikely.

A Conference Board survey on Tuesday revealed that the proportion of consumers planning to buy a house within the next six months dropped in July to its lowest level since February 2013.

Additionally, the Federal Housing Finance Agency reported on Tuesday that house prices increased by 5.7% year-on-year in May, marking the smallest gain in 10 months following a 6.5% rise in April.