Pending Home Sales Rise for Fourth Month

Washington, DC, July 1, 2009--Pending home resales ticked up in May for the fourth month in a row, boosted by affordability and special incentives for first-time buyers, according to the National Association of Realtors.

The pending home sales index rose 0.1% in May after an upwardly revised gain of 7.1% in April, NAR said.

The index is 6.7% above May 2008. Pending homes sales in May were mixed regionally, up 3.1% in the Northeast and 2.2% in the West. Pending home sales were down 1.7% in the South and 1.3% in the Midwest.