Pending home sales jump 6.7 percent - Memphis Business Journal:

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Pending sales of existing homes, or contracts signed but not rose 6.7 percent in according to the . April's pending salez were up 3.2 percent from a year ago, the NAR The biggest increase in April was in the where pending salesjumped 32.6 percen from the previous month. The NAR's pending home sales index is a forwarfdlooking gauge, and the group cautions that it is more volatile than actualp closed sales. "The relationship between contractsz on pending home sales and closings on existingg home sales is taking longer than in the past forseverapl reasons," said NAR chief economist Lawrence Yun.
"Mortgage processing time has increased, it is taking many months to close on thosr homes requiring short sales withlender approval, and some salews are falling through at the last moment." Yun believes the housing market has already bottomes out in some areas. The group last week reportee closed sales of existing homesrose 2.9 percenft in April. The NAR's housingv affordability index was also atits second-highest levelk on record in April.