Pending Home Sales Post a Sequential Rise in March

Pending home sales rose in March, reversing course from a month prior but remaining below year-earlier levels, the National Association of Realtors reported Tuesday. Three of the four major regions saw growth last month, as the Northeast reported a minor slip in contract activity.

The Pending Home Sales Index increased 3.8% to 105.8 in March, up from 101.9 in February. Year-over-year contract signings declined 1.2%, making this the 15th straight month of annual decreases.

The index in the West ascended 8.7% in March to 95.1 and fell only 1.6% below a year ago. Sales activity in the West had increased at a relatively stable rate for five consecutive months before the region saw a significant spike in activity in March.

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