WASHINGTON (MarketWatch) -- Rising for the fourth consecutive month, pending sales of existing homes ticked up in May , boosted by affordability and special incentives for first-time buyers, a real estate trade group reported Wednesday. The pending home sales index rose 0.1% in May after an upwardly revised gain of 7.1% in April, the National Association of Realtors said. The index is 6.7% above May 2008. Pending homes sales in May were mixed regionally, up 3.1% in the Northeast and 2.2% in the West. Pending home sales were down 1.7% in the South and 1.3% in the Midwest. The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales closes, usually six to eight weeks later.
