WASHINGTON (MarketWatch) -- Pending home sales in May rose to their highest level in over nine years, the National Association of Realtors said Monday. The pending home sales index rose 0.9% in May after a slight downward revision in April, the NAR said. The index level of 112.6 -- 100 was the average level of activity in 2001 -- is the highest since April 2006 and up 10.4% from May 2014. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.