There was some good news for housing this morning. The National Association of Realtors’ Pending Home Sales Index rose 0.1% in May. On a year-over-year basis, the index was up 6.7% in May.
It was the first four-month run-up in in the index since October 2004.
The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales close, usually six to eight weeks later.