Pending Home Sales Rise 5.3% in March

Highest level since Oct. and a 21 percent rise from same month a year ago

Source: Associated Press

The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements for previously occupied homes rose 5.3 percent from a month earlier to a reading of 102.9.

It was the highest level since October and a 21 percent increase from the same month a year earlier. February's reading was revised upward slightly to 97.7. Economists surveyed by Thomson Reuters had expected the index would rise 4 percent to 101.5

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