UPDATE:Pending home sales in the U.S. surged 4.1 per cent in March, topping expectations and hitting its highest level since April 2010.
The National Association of Realtors said sales were 10.8 per cent higher than a year ago, and the group revised February data 90 basis points higher to register 0.4 per cent growth.
Economists surveyed by Bloomberg were looking for an increase of just 1.0 per cent for the March data.
“First quarter sales closings were the highest first quarter sales in five years,” NAR Chief Economist Lawrence Yun said. “The latest contract signing activity suggests the second quarter will be equally good.”
Pending home sales saw the greatest increase in the South and West, which were up 5.9 per cent and 8.7 per cent during the month, respectively.
The Northeast and Midwest recorded slight sales declines in March, down 0.8 per cent and 0.9 per cent, respectively.
Minutes away from the second of three major reports this morning: U.S. pending home sales.
Economists forecast sales will increase 1.0 per cent month-on-month in March, following a 0.5 per cent contraction in February.
If that holds, home sales would be 7.3 per cent higher than year ago levels.
The announcement is scheduled for 10:00 a.m. Follow it live here >