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Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors (NAR).
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1% to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7% higher than May 2008 when it was 85.0, NAR said. The last time there were four consecutive monthly gains was in October 2004.
The Index in the Northeast rose 3.1% to 80.9 in May and is 6.8% above a year ago. In the Midwest the index slipped 1.3% to 89.2 but is 11.4% above May 2008. The index in the South declined 1.7% to 92.6 in May but is 7.9% higher than a year ago. In the West the index rose 2.2% to 96.9 and is 0.7% above May 2008.
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