Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to The National Association of Realtors. The Pending Home Sales index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings. The index is now at the highest level since April 2010 when it reached 111.3.
This is a positive sign as we move forward in the Spring market. For more information and comments from the National Association of REALTORS chief economist check out the NEWS RELEASE.