NEW YORK - Pending home sales climbed 5.1% to a reading of 94.1 in March, according to a report released Thursday by the National Association of Realtors.
Economists polled by Thomson Reuters predicted a 1.5% increase for the index.
The February index was downwardly revised to 89.5 from 90.8.
Year-over-year the pending homes sales index was down 11.4% from last March, when the index was 106.2, but that number was artificially high as a result of the deadline for a homebuyer tax credit.
Regionally, pending sales were mostly higher. The Northeast saw a 3.2% decrease to 63.4, while sales rose 10.3% to 110.2 in the South and increased 3.0% in the Midwest to 83.5. Sales gained 3.1% to 103.7 in the West.
“Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” NAR Chief Economist Lawrence Yun said. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards,” he said.
