Americans continue to benefit from historically low interest rates and steady job growth.


The indexed number of homes that went under contract in March is 110.5. An index of 100 is equal to the average level of contract activity during 2001, which the National Association of Realtors (NAR) considers a “normal,” or balanced, market for the current U.S. population.

Pending sales of previously owned homes, reflecting contract signings, also rose 1.4% last month, the National Association of Realtors said Wednesday.

Economists surveyed by The Wall Street Journal expected pending home sales to rise 0.5% in March.

Pending sales provide a more up-to-date checkup of the housing market than other measures because they are based on contract signings, the earliest stage of the sales process.

The pickup in pending sales is the latest sign the housing market continues to advance after posting solid growth in 2015. Pending sales in March climbed 1.4% compared with a year earlier.


http://www.wsj.com/articles/march-pending-home-sales-hit-highest-level-in-almost-a-year-1461766003