The pending home sales index, an index tracking the level of sales contracts on previously owned homes, gained a surprising 6.3% in the month of April. Economists were expecting an unchanged reading. The index is at its highest level in six months, as prices continued to fall.
Regionally, pending home sales were up 8.3% in the West, 4.6% in the South, and 13.0% in the Midwest. Sales dropped 1.9% in the Northeast. Over the past year, pending home sales are down 13.1%.
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