The spring recovery in home sales gained further ground in May. Signed contracts to buy existing homes surged 6.1 percent from April, as home prices began to ease slightly. This is the largest monthly gain since April 2010, just before the end of the popular first-time home buyer tax credit. Despite the monthly gain, the so-called Pending Home Sales Index from the National Association of Realtors is down 5.2 percent from May of 2013. Sales likely benefited from slightly lower mortgage rates. Rates have been expected to rise, as the Federal Reserve continues to scale back its purchases of mortgage-backed securities. Other economic factors, however, including volatility in overseas markets, have kept interest rates low. In June, the average rate on the 30-year fixed mortgage has largely been lower than it was a year ago, the first time that has happened since the rate surge in May and June of 2013. Sign up for top Business news direct to your inbox. IN DEPTHThe mystery behind the overdraft protection rulesBreakfast Menu Switch Has Food Makers ScramblingWeekly Jobless Claims Fall, Points to Strengthening Labor Market - Diana Olick, CNBC.com