Still Rising...

NAR's forward-looking pending home sales index, released for May, posted its fourth consecutive monthly gain, suggesting sales could be poised for an uptrend. The index is based on signed contracts and increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008, when it was 85.0. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are falling through from the application of appraisal rules for many transactions," says NAR Chief Economist Lawrence Yun. Learn more in a video interview with Yun on REALTOR.org.