Home Sales Up for 3rd Consecutive Month

Record low mortgage interest rates boosted NAR's forward-looking pending home sales index 6.7 percent in April to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too," says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent to 78.9, and in the Midwest it rose 9.8 percent to 90.4. In the South it slipped 0.2 percent to 93.0, and in the West it rose 1.8 percent to 94.8. Read more