Pending Home Sales Signal Life in Housing Market
Pending U.S. home sales posted the biggest monthly jump in nearly eight years in April, a sign that home sales are finally coming to life after a protracted slump. The National Association of Realtors said its seasonally adjusted index of sales contracts signed in April rose 6.7% to 90.3. Typically there is a one- to two-month lag between the signing of a contract and a closed deal, so the index is a harbinger of future existing home sales. The index was 3.2% above year-ago levels and has risen for three consecutive months after hitting a record low in January.
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Date Last Updated: 06/03/2009
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