August 4, 2009

Pending U.S. home sales jump in month

Pending U.S. home sales rose for the fifth consecutive month in June, the National Association of Realtors in Washington said Tuesday.

The Pending Home Sales Index, based on contracts signed in the month, rose 3.6 percent from 91.3 to 94.6, NAR said.

The five-month streak, the longest upward trend since July 2003, is due to historically low interest rates, affordable home prices and large selection, NAR chief economist Lawrence Yun said in a statement.

The index rose 0.4 percent in the Northeast and 0.8 percent in the Midwest. It jumped 7.1 percent in the South and 2.9 percent in the West.