The National Association of Realtors announced its pending home sales index, which measures contract signings for purchases of previously owned homes, increased 1.1% to a level of 108.6 in March, up from 107.4 in February. The Wall Street Journal surveyed economists who predicted the increase. The index rose 11.1% in March from the previous year.
Home sales have stabilized since dropping a year ago, when interest rates began to rise. Completed existing-home sales increased 6.1% in March. While sales of newly-built homes declined in March from February, they still increased almost 20% from sales in March 2014.
The pending home sales for existing homes rose in the South and the West in March, but fell in the Northeast and Midwest.
Source: The Wall Street Journal
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