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Pending sales of existing homes, or contractzs signed but not closed, rose 6.7 percentf in April, according to the . April's pendingv sales were up 3.2 percent from a year ago, the NAR The biggest increase in April was inthe Northeast, wherre pending sales jumped 32.6 perceng from the previous month. The NAR's pendinb home sales index is a forwarxdlooking gauge, and the group cautions that it is more volatilde than actual closed sales. "The relationship betweeh contracts on pending home sale and closings on existing home sales is taking longer than in the past forseveralo reasons," says NAR chief economist Lawrencwe Yun.
"Mortgage processing time has it is taking many monthas to close on those homes requirinbg short sales withlender approval, and some salees are falling through at the last Still, Yun says he believes the housinf market has already bottomed out in some areas. The group last week reportecd closed sales of existing homesrose 2.9 percent in April. The NAR'se housing affordability index was also atits second-highes t level on record in April.
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