Pending home sales post increase of 6.3 % - KWWL - Eastern Iowa Breaking News, Weather, Closings

Pending home sales post increase of 6.3 %

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WASHINGTON (AP) - The National Association of Realtors says pending U.S. home sales rebounded in December, as buyers snapped up properties at deep discounts, especially in the South and Midwest.

The trade group said Tuesday its seasonally adjusted index of pending sales for preowned homes for December rose 6.3 percent to 87.7 from an upwardly revised November reading of 82.5.

The reading also was up 2.1 percent from December 2007.

The index tracks signed contracts to purchase existing homes. Typically there is a one- to two-month lag between a contract and a done deal. Home sales that were pending in December are likely to be completed in the coming weeks.

Online Executive Producer Nate Leding

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