Pending Home Sales Rise for Sixth Straight Month

Washington, DC, Sept. 1, 2009--Boosted by low prices and a home-buyer tax credit, pending sales of existing homes rose in July for the six straight month, the longest streak on record, according to the National Association of Realtors.

The pending home sales index rose 3.2% in July, the association said. The index is 12% above July 2008.

Pending homes sales in July rose in the South and West. 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.