Pending homes sales rise in June

COLUMBIA, S.C. (CNN)—The housing market might be warming up.

The National Association of Realtors Reports the pending sales index was up .3% in June.

The number reflects signed contracts—rather than final sales—so it’s future-looking.

The June increase is the first since February and the NAR’s chief economists says it suggests the housing recession is over.

He says demand is outpacing supply, but adds that doesn’t mean the market has recovered just yet.

The June index is about 16 % lower than last year’s.