Pending Home Sales Rebounding
6/2/2009 9:59:31 PM
NEW YORK (CNNMoney.com) -- The number of home sales contracts signed in April continued to bounce back from record lows hit last winter, according to a widely watched industry report. This is the third consecutive month of gains.
The Pending Home Sales Index from the National Association of Realtors rose 6.7% in April after jumping 3.2% in March. That was far above the forecasts of experts surveyed by Briefing.com, who predicted a 0.5% increase. The index was 3.3% higher than 12 months earlier.
Pending home sales are a forward-looking indicator since many of the contracts don't result in completed deals for many weeks or months.
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