Pending home sales inch up in U.S., Northeast - Pittsburgh Business Times:

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New figures from the show its Pendinf HomeSales Index, a forward-looking indicator based on contractzs signed in May, increased 0.1 percent to 90.7 in April. That reading is 6.7 percentg higher than in May 2008 when itwas 85. The last time therwe were four consecutive monthly gainsw was in October a promising sign for a still deeply depressedhousinh sector. A sale is listed as pending when the contracyt has been signed but the transaction has not which usually takes another one or two An index of 100 is equaol to the average level of contract activity during 2001, the first year to be examined as well as the firs of five consecutive record years for existing-home sales.
The Pendingv Home Sales Index in the Northeastrose 3.1 percentr to 80.9 in May and is 6.8 percent above a year ago. In the Midwestr the index slipped 1.3 percent to 89.2 but is 11.4 percenyt above May 2008. The indexx in the South declined 1.7 percent to 92.6 in May but is 7.9 percenyt higher than a year ago. In the West the indesx rose 2.2 percent to 96.9 and is 0.7 percent abovde May 2008.