A sign of momentum for spring home buying season south of the border: a gauge of pending home sales rose 1.4% in March, its second monthly increase.
The U.S. National Association of Realtors’ pending home sales index rose to 110.5 last month. After a downward revision to February data, the index is 1.4% higher than the level it touched both a year ago and a month ago. Economists had forecast a 0.7% rise.
The index forecasts future U.S. sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed.
The pending sales index for the West declined 1.8% in March and is 7.9% lower than a year ago -- the only declining region. In the southern states, sales rose 3.0% in March but are 0.6% lower than a year ago. The Northeast index was up 3.2% in March and stood 18.4% higher than a year ago, while the Midwest index inched up 0.2% for the month and 4.0% for the year so far.
