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Pending sales of existing homes, or contracts signec but not closed, rose 6.7 percent in April, accordingh to the . April's pending sales were up 3.2 percent from a year ago, the NAR The biggest increase in April was in the where pending salesjumped 32.6 percenty from the previous month. The NAR'd pending home sales indexc is a forwardlooking gauge, and the group cautions that it is more volatile than actual closed "The relationship between contracts on pendingf home sales and closings on existing home salex is taking longer than in the past for several said NAR chief economist Lawrence Yun.
"Mortgag e processing time has increased, it is takinfg many months to close on thoswe homes requiring short sales with lender approval, and some sales are falling througy at the last moment." Still, Yun said he believesd the housing market has already bottomefd out in some areas. The grouop last week reported closed salex of existing homesrose 2.9 percent in April. The NAR's housing affordabilit y index was also atits second-highest level on record in
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