The housing market continued to show signs of improvement as pending home sales increased 0.1% in May, the National Association of Realtors reported yesterday. It was the third consecutive monthly rise.
The association's Pending Home Sales index was 90.7, compared with an upwardly revised 90.6 in April. The May index was 6.7% higher than in May 2008.
"Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy," National Association of Realtors Chief Economist Lawrence Yun said in a statement.
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