Rising Contracts to Buy US Homes

More Americans signed contracts to buy homes in March, the first increase since June and a sign that the housing market might pick up after a sluggish start to the year.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 3.4 percent to 97.4 last month. Still, the index remains 7.9 percent below its level a year ago.

Pending sales are a barometer of future purchases: A one- to two-month lag usually exists between a signed contract and a completed sale.

The gain partly reflects a recovery from the harsh winter. Snowstorms and freezing temperatures kept many potential buyers away from open houses in January and February.

Read more at U.S. News & World Report . . .

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