Pending Home Sales Rise 5.1% in March

The number of Americans signing contracts to buy previously owned homes rose more than forecast in March. The index of pending home resales climbed 5.1% after a revised 0.7% increase the prior month, the National Association of Realtors said. Three of four regions saw increases from the prior month, according to the report. That included gains of 10.3% in the South, 3.1% in the West and 3% in the Midwest.
“Positive news on the housing market is welcomed with open arms. The sector should receive support from job growth and lending rates, which are expected to stay fairly low,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto.
– “Pending Sales of Existing Homes in U.S. Increase 5.1%, More Than Estimated,” by Shobhana Chandra, Bloomberg, April 28, 2011.