Pending Home Sales Index Surges 5.1%


Headline: Up 5.1%, month-over-monthExpectations: 1.6% growth, month-over-month

Analysis: Last month, the pending home sales index was up 2.1%, month-over-month. But that’s been revised down, so this month’s gains look a little stronger than they actually are.

We’re still down 11.4% year-over-year, March of last year being inflated by the tax credit, according to the National Association of Realtors.

The Northeast was a notable area of weakness in this report, while in the South the index jumped.

Read the full report from the NAR here >

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