It’s only an index but could this be a start of a recovery in the housing market?  Pending homes sales, or those that are in escrow, are rising according to an Associated Press story.

A measurement of pending home sales rose in June in a rare piece of positive news for the beleaguered market.

The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes rose 5.3 percent to 89 from May’s reading, which was revised downward to 84.5 from an earlier reading of 84.7.

The June index was 12 percent below year-ago levels.

Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.

AP photo