Pending home sales jump 6.7% in U.S., 32% in Northeast - Philadelphia Business Journal:

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Pending sales of existing or contracts signed butnot closed, rose 6.7 percentg in April, according to the . The biggesf increase in April was inthe Northeast, where pending saless jumped 32.6 percent from the previous month. The NAR's pending home salexs index is a forward looking and the group cautionsx that it is more volatild than actualclosed sales. "The relationship between contracts on pending home sales and closingss on existing home sales is takinh longer than in the past forseveral reasons," says NAR chiefg economist Lawrence Yun.
"Mortgage processing time has increased, it is takingb many months to close on thos homes requiring short sales withlendedr approval, and some sales are falling through at the last Still, Yun says he believews the housing market has already bottomed out in some The group last week reported closed sales of existinbg homes rose 2.9 percent in April. The NAR's housinh affordability index was also atits second-highest level on recorfd in April.