RTTNews - Pending home sales increased for the fourth consecutive month in May, according to a report released by the National Association of Realtors on Wednesday, with very favorable housing affordability and a first-time buyer tax credit contributing to the continued increase.

NAR said its pending home sales index rose 0.1 percent to 90.7 in May from an upwardly revised reading of 90.6 in April. Economists had been expecting the index to come in unchanged compared to the 90.3 originally reported for the previous month.

For comments and feedback: contact editorial@rttnews.com