U.S. Pending Home Sales Rise May 5, 2009

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Pending home sales were up in March, according to the National Association of Realtors. The Pending Home Sales Index, a U.S. indicator based on contracts signed in March, increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7.

The Index in the South rose 8.5% to 93.2 in March and is 7.7% above a year ago, NAR said. In the West the index increased 3.9% to 93.1 and is 1.7% higher than March 2008. The index in the Northeast fell 5.7% to 59.5 in March and is 24.1% below a year ago, according to NAR. In the Midwest the index slipped 1% to 82.3, but is 8.2% higher than March 2008.

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