Pending home sales inch up in U.S., Northeast - Pittsburgh Business Times:

tiqosi.wordpress.com
New figures from the show its Pending HomeSalex Index, a forward-looking indicator based on contractsw signed in May, increased 0.1 percent to 90.7 in That reading is 6.7 percent higher than in May 2008 when it was 85. The last time ther e were four consecutive monthly gains was in October 2004, a promising sign for a still deeply depresse d housing sector. A sale is listed as pending when the contractr has been signed but the transaction has not which usually takes another one or two An index of 100 is equal to the averagew level of contract activityuduring 2001, the first year to be examinec as well as the first of five consecutive record years for existing-homd sales.
The Pending Home Sales Index in the Northeasftrose 3.1 percent to 80.9 in May and is 6.8 percen above a year ago. In the Midwesg the index slipped 1.3 percent to 89.2 but is 11.4 percen above May 2008. The inde in the South declined 1.7 percent to 92.6 in May but is 7.9 percengt higher than a year ago. In the West the indesx rose 2.2 percent to 96.9 and is 0.7 percent abovr May 2008.