US pending home sales rose for the third consecutive month in April as home buyers rushed to sign contracts before the expiration of a tax credit, an industry survey showed today.
The National Association of Realtors said its pending home sales index rose 6% in April, more than the 4.3% rise expected by most analysts. The index rose to 110.9 from an upwardly revised 104.6 in March.
April's increase followed gains of 7.1% in March and 8.3% in February.
The index reading was 22.4% higher than a year ago and was at its highest level since last October, when first-time home buyers scrambled to beat an initial deadline for the federa government's tax credit, NAR said.
The government expanded the tax-credit programme in November to include certain repeat home buyers. To qualify, contracts must have been signed by April 30 and the purchase completed by June 30.
