The housing market showed signs of improvement as pending home sales increased 6.7% in April, the National Association of Realtors reported today. It was the third consecutive monthly rise.
The association's pending home sales index was 90.3, compared with 84.6 in March. The April index was 3.21% higher than in April 2008.
"Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," National Association of Realtors Chief Economist Lawrence Yun said in a statement.
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The index increased from March in the Northeast, Midwest and West by 32.6%, 9.8% and 1.8%, respectively, and fell 0.02% in the South.
On a year-to-year basis, the index increased in the Northeast, Midwest and South by 0.8%, 11.1% and 3.5%, respectively. It fell in the West by 2.9%.
The association's Housing Affordability Index rose to 174.8 in April, from 171.9 in March.
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