WASHINGTON, Aug. 1 (UPI) -- Pending sales of previously owned U.S. homes rose for the first time in four months, a real estate industry group reported Wednesday.
The National Association of Realtors' index of pending sales of existing homes increased at a seasonally adjusted 5 percent to 102.4 in June from May's 97.5, the group said.
The last time pending sales climbed was in February.
The index, based on signed contracts that haven't closed, was 8.6 percent less than June 2006's level, the group said.
Association senior economist Lawrence Yun said it was "too early to say if home sales have already passed bottom."
"Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand," Yun said.
By region, the index increased 8.6 percent to 103.6 in the West, which was 5.5 percent below June 2006's figure, and 4.7 percent to 111.6 in the South, which was 12.7 percent below a year earlier.
The Midwest index rose 3.5 percent to 92.5, which was 8.2 percent lower than June 2006, and the Northeast index rose 3.1 percent to 96 -- 2.4 percent below the previous June.
An index of 100 is equal to the average level of contract activity during 2001.
