An article in the Christian Science Monitor claims that pending home sales across the country climbed in April for the third month in a row and are now at their highest level since last September. Pending home sales are real estate transactions where a buyer signs a contract, but the deal has not yet closed. Pending home sales are regarded as a bellwether of the real estate market and real estate professionals across the country are hopeful that the upward trend will continue. The National Association of Realtors (NAR) says that the pending home sales index climbed 6.7 percent over the previous month to 90.3, which is also higher than the same period a year ago. This is one of several early indicators that suggest the economy may be heading towards a recovery. Lawrence Yun, NAR’s chief economist, said, “The $8000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” The largest climb in pending home sales occurred in the Northeast, which reported a hike of 32.6 percent from one year ago. Pending home sales in the South slipped over the same period, but remains 3.5 percent above last year’s levels. The NAR also reported that housing affordability rose in April to its second-highest reading ever and nearly eclipsed the record set in January of this year. If the federal tax credit has you thinking about purchasing a home in Louisville, start your home search at the area’s premier source for Louisville real estate services and information at LouisvilleProperties.com!