The Pending Home Sales Index — a leading indicator for the housing market — was up 1.3 percent in May, indicating a “leveling off” of the market, according to a report released today by the National Association of Realtors.

“The slight change in pending home sales indicates the market is beginning to level out,” said David Lereah, chief economist for the National Association of Realtors. “This is consistent with our forecast, which is showing a soft landing for the housing sector.”