Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.