WIS: Pending home sales up 4th straight month in May
WASHINGTON (AP) - A private group says pending home sales rose in May for the fourth straight month, fresh evidence that the housing sector may be recovering.
The National Association of Realtors says that its seasonally adjusted index of pending sales increased by 0.1 percent to 90.7. Analysts expected no change, according to Thomson Reuters.
The NAR attributes the increase to lower home prices and the $8,000 first-time homebuyer tax credit that was included in the Obama administration's stimulus package.
The pending home sales index, which tracks signed contracts to purchase previously occupied homes, is now 6.7 percent higher than in May 2008, when it was 85.
