Pending Home Sales Rise for Fourth Straight Month

Spread the good news! According to the National Association of Realtors, pending home sales have risen for four consecutive months as a result of both favorable housing affordability and the $8,000 first-time buyer tax credit. The last time there were four straight monthly gains was in October 2004.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent nationally compared to April and 6.7 percent over May 2008. In the Northeast, pending home sales rose 3.1 percent in May to a level that is 6.8 percent above a year ago.