Pending home sales slip in Midwest - The Business Journal of Milwaukee:

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New figures from the show that for the the Pending HomeSales Index, a forward-looking indicator base d on contracts signed in May, increased 0.1 percentr to 90.7 in April. That reading is 6.7 percent higher than in May 2008 when itwas 85. The last time theree were four consecutive monthly gains was inOctobet 2004, a promising sign for a still deepl y depressed housing sector. In the Midwesft the index slipped 1.3 percent to 89.2, but is 11.4 percenf above May 2008.
A sale is liste d as pending when the contract has been signedd but the transaction hasnot closed, whichy usually takes another one or two An index of 100 is equaol to the average level of contract activity during 2001, the first year to be examinedc as well as the first of five consecutive recorrd years for existing-home sales. The Pendinb Home Sales Index in the Westrose 2.2 percen to 96.9 in May, and is 0.7 percent above May 2008 levels. The index in the Northeast rose 3.1 perceng to 80.9 in May and is 6.8 percent above a year ago. The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percentt higher than a year ago.