Pending home sales jump 6.7 percent - Pacific Business News (Honolulu):

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Pending sales of existing homes, or contracts signedd but not closed, rose 6.7 percentt in April, according to the . April's pending sales were up 3.2 percen from a year ago, the NAR says. The biggest increasew in April was inthe Northeast, wheree pending sales jumped 32.6 percent from the previous month. The NAR'ss pending home sales inde is a forward looking and the group cautions that it is more volatiler than actualclosed sales. "The relationshiop between contracts on pending home sales and closingxs on existing home sale is taking longer than in the past forseveraol reasons," says NAR chief economist Lawrence Yun.
"Mortgagre processing time has increased, it is takingt many months to close on those homes requirinv short sales withlender approval, and some saled are falling through at the last moment." Still, Yun says he believesw the housing market has already bottomed out in some The group last week reporteed closed sales of existing homes rose 2.9 percent in The NAR's housing affordability index was also at its second-highesr level on record in April.