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Pending sales of existing homes, or contractd signed but not closed, rose 6.7 percent in according to the . The biggestt increase in April was in the where pending salesjumped 32.6 percenr from the previous month. The NAR's pending home salesw index is a forwardlooking gauge, and the grouop cautions that it is more volatiles than actual closed sales. "Thed relationship between contracts on pending home sales and closings on existing home sales is taking longer than in the past for several says NAR chief economistLawrence Yun.
"Mortgage processing time has it is taking many month s to close on those homes requiring short sales withlender approval, and some sales are fallin g through at the last moment." Still, Yun says he believew the housing market has alreadt bottomed out in some areas. The group last week reportexd closed sales of existing homesrose 2.9 percenr in April. The NAR's housing affordability indezx was also atits second-highest level on recore in April.
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