- Strong Banks, Weak Credit: Treasury Rethinks TARP
- How Many US Consumers Will Shop this Weekend?
- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- World's Largest Share Issue Priced at Deep Discount
- Obama says Boosting US Jobs is Top Priority
- Playboy to Outsource Most Magazine Operations: Report
- Why the Dollar Will Likely Stay Weak for Some Time
- EU Drops Proceedings Against Qualcomm
- Appeals Court Denies Microsoft's Alcatel Petition
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Wave of Debt Payments Facing US Government
- The Social Media Gaming Threat
- China Eastern to Complete Shanghai Air Buy by End '09
- Gold Will Collapse Like Oil Did in 2008: Charts
- Paul: Audit the Fed
- Prepare For Large Decline In Stocks, Next Year?
- JAL Slides to Record Low on Bankruptcy Jitters
- Nielsen Ratings Coming to Video Games
Text Size 
 |
AP |
Pending home sales rose for the fifth consecutive month in June, easily topping expectations, according to the National Association of Realtors.
The Pending Home Sales Index rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent higher than in June 2008. Reuters had expected an 0.6 percent increase.
The last time there were five consecutive monthly gains was July 2003.
The housing market's collapse is at the heart of the longest U.S. recession since the Great Depression and reviving the sector is critical to healing the economy. The data served as further evidence that the housing market was starting to claw out of a three-year slump.
"Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes," said Lawrence Yun, NAR chief economist.
Pending home sales were higher in all four regions than last month, and only the west experienced a decrease from a year ago. The index in the Northeast rose 0.4 percent to 81.2 in June and was 5.8 percent above the same period last year. In the Midwest, the index climbed 0.8 percent to 89.9. It was 11.6 percent higher than June 2008.
The index in the South jumped 7.1 percent to 100.7 in June and was 8.9 percent higher versus a year ago. In the West, the index rose 2.9 percent to 100.4, but was 0.2 percent below June 2008.
"Hopefully, in the months ahead, we'll see an even closer relationship between contract activity and closed transactions," said NAR president Charles McMillan.
The organization's Housing Affordability Index fell from record peaks reached in recent months but remains 36.6 percentage points above one year ago.
—Reuters contributed to this report
_____________________________________
Calculators and Advice from Bankrate.com:
_____________________________________
- A diet high in fat and sugar might actually be good for your portfolio.
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's fashionable holiday cocktails.
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
Data is a real-time snapshot *Data is delayed at least 15 minutes