Pending Home Sales up 6.3 percent

According to the Pending Home Sales Index released on Monday by the National Association of Realtors, the number of homes under contract to be sold rose to their highest level in six months in April as buyers went bargain hunt.

The NAR's chief economist Lawrence Yun said regions of the country that have seen sharp price declines are now seeing a sales recovery.

"Bargain hunters have entered the market en masse, especially in areas that have seen double-digit price declines," he said in a statement.

By region, the April pending home sales index fell only in the Northeast, with a 1.9 percent decline. The index rose 13 percent in the Midwest, 8.3 percent in the West and 4.6 percent in the South.