Pending Home Sales Tick Up in May 2009

2009 July 1

July 1 2009 - 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.

“Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” said Lawrence Yun, NAR’s chief economist, in a statement.

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.

Pending home sales tick up in May

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