March Pending Home Sales Improve but Overall Pace Leveling

Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7.0 percent above March 2012 when it was 98.8.  Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.