Pending Home Sales Jump 0.1% in May

Pending sales of existing homes climbed slightly in June, the National Association of Realtors said Wednesday, marking the fourth consecutive rise in sales activity for the struggling housing market.

NAR's pending home sales index rose by 0.1% from a reading of 90.6 to a reading of 90.7. While the gain was slight compared to the last three months, it's the longest streak in sales activity since October 2004 – near the height of the housing boom.

Sales activity based on the index is up 6.7% from a year ago, according to the trade organization.

NAR’s report came in mostly as expected, according to estimates provided by Thomson Reuters, with economists expecting flat sales for the month of June.

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- Posted: 2009-07-01 10:18:06

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