Amount of Pending Home Sales Increased in April

Chicago–The National Association of Realtors’ pending sales index grew 6.3 percent from March to 88.2 in April, Bloomberg reported Monday.Sales picked up considerably in regions where home prices have severely declined, the Chicago-based NAR said.”Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” said Lawrence Yun, NAR chief economist.The NAR predicts that existing home sales will be at 5.40 million this year and 5.74 million in 2009. In 2007, 5.65 million existing homes were sold.Comprised using signed pre-existing home contracts, the April 2008 NAR pending sales index was 13.1 percent lower than in April 2007.