NAR Report Pending home sale are Up

Pending Home Sales Up for Third Consecutive Month

Record low mortgage interest rates boosted the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) forward-looking pending home sales index 6.7 percent in April to 90.3 from a reading of 84.6 in March. The April 2009 reading is 3.2 percent above April 2008. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too," says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent from March to 78.9 in April.

For more information, read NAR's press release or watch a video interview of Lawrence Yun on the latest index figures.