Part of the increase is probably because of the dropping prices but it's still an impressive number. Reuters:
Pending sales of previously owned U.S. homes in April unexpectedly saw their biggest monthly gain in 7-1/2 years, a report from a trade group Tuesday showed, buttressing views the U.S. recession was easing.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in April, rose 6.7 percent in April to 90.3 from 84.6 in March.
It was the biggest monthly increase since October 2001 and it took the index 3.2 percent above its year-ago level in the latest sign the battered U.S. housing sector was stabilizing.
Economists polled by Reuters ahead of the report were expecting pending home sales to rise 0.5 percent.
