April pending home sales rise 6.3% according to the National Association of REALTORS...
Pending sales of previously owned U.S. homes unexpectedly rose in April to their highest level in six months, a real estate trade group said on Monday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in April, increased 6.3 percent to 88.2 from an unrevised 83.0 in March. Despite the uptick, sales were 13.1 percent lower than a year ago.
Economists polled by Reuters before the report were expecting pending home sales to decline 0.5 percent.
The association's chief economist Lawrence Yun said regions of the country that have seen sharp price declines, like the West, are now seeing a sales recovery.
"Bargain hunters have entered the market en masse, especially in areas that have seen double-digit price declines," he said in a statement.
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