The number of Americans signing contracts to buy existing homes unexpectedly rose as the first national drop in prices since the 1930s lured buyers back into the market in the West, Midwest and South.
The index of pending home resales jumped 6.3 percent in April, the most since 2001, after a 1 percent drop in March, the National Association of Realtors said today in Washington. The March reading was the lowest level since the NAR started keeping records eight years ago.
The figures may be a sign that the glut of 5 million unsold properties may be on the way down, which economists say is a prerequisite for stabilization in the industry. Federal Reserve Chairman Ben S. Bernanke warned last week that the economy will remain in danger of weakening further until housing reaches a bottom
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