Pending Home Sales Rose 6.7 Percent in April

New York Times (06/03/09) P. B2
The National Association Realtors reports that pending sales contracts have climbed for three months straight, noting that the 6.7-percent gain in its seasonally adjusted index for April represents the biggest monthly jump since October 2001. First-time home buyers looking to take advantage of a new $8,000 tax credit most likely helped boost activity. Also, sales of foreclosures and other distressed properties pushed the U.S. median sales price down in April to $170,200 -- a decline of more than 15 percent from a year ago and the second-largest yearly price drop on record.