Pending Home Sales Rise Five Straight Months

Washington, DC, Aug. 4, 2009--In another sign the housing sector may be turning, pending sales of existing homes rose in June for the fifth straight month, according to the National Association of Realtors.

It was the longest streak of gains since 2003. Low interest rates and low prices were a significant factor.

The pending home sales index rose 3.6% in June after an upwardly revised gain of 0.8% in May, NAR said. The index is 6.7% above June 2008.

Pending homes sales in June rose in all regions: up 7.1% in the South, 2.9% in the West, 0.8% in the Midwest and 0.4% in the Northeast.