Step Right Up Before They're All Gone!

In a sign that the U.S. housing market may strengthen in coming months, an index of sales contracts on previously owned U.S. homes rose 5.3% in June from the prior month, the National Association of Realtors reported Thursday. However, the index, which is considered a leading indicator of existing home sales, was down 12.3% from the June 2007 level.

Pending home sales in June rose 1.3% in the Midwest, the smallest increase of any region. The May pending home sales index was revised to a decline of 4.9% from the prior estimate of a 4.7% drop. Source; Marketwatch and NAR.