Pending home sales in April showed a 6.7 percent jump from March numbers, and a 3.2 percent increase from April 2008 transactions according to The Pending Home Sales Index, a forward-looking indicator of the real estate market based on contracts signed.
Northeast: The idex jumped 32.6 percent month over month and .8 percent year over year.
Midwest: The index rose 9.8 percent in April over March, which is 11.1 percnet above April 2008
South: The index dropped .2 percent in April but rose 3.5 percent year over year.
West: The index rose 1.8 percent in April but dropped 2.9 percent below April 2008 numbers.
We are seeing, however, that the the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than the past. Not only is the mortgage process more complicated and time consuming, short-sales, which can take months to close, have flooded the market in many areas of the country.