The National Association of Realtors said Wednesday its pending home sales index, which is based on contract signings for purchases of previously owned homes, increased 1.1% to a seasonally adjusted level of 108.6 in March from an upwardly revised reading of 107.4 in February.
Economists surveyed by The Wall Street Journal had expected pending home sales would rise 1% in March. Home sales typically close within a couple months after signing.
The index rose 11.1% in March from a year earlier.
Lawrence Yun, NAR’s chief economist, said the jump in sales from a year earlier is good news, but “the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news.”
By Kate Davidson at www.WSJ.com
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