Pending home sales are up for the fifth month in a row, the National Association of Realtors reports.
The cheaper stuff's going first, says NAR economist Lawrency Yun. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines," he says, in the group's press release.
The Pending Home Sales Index for contracts signed in June was up 3.6 percent from May and 6.7 percent from June 2008. For what it's worth, the last time pending sales rose for a fifth straight month was in July 2003, just after the post-9/11 recession ended.