SILVER SPRING, Md. – More Americans signed contracts to buy homes in March after two months of declines, pointing to a healthy housing market as summer approaches and the economy continues what shaping up to be a rapid recovery.
The National Association of Realtors’ index of pending home sales rose 1.9% to 111.3 in March after declining 11.5% in February and 2.4% in January.
The increase Thursday, however was weaker than the 3.5% analysts surveyed by FactSet had projected. Contract signings, considered a barometer of purchases that will take place in the next two months, are 23.3% ahead of where they were last year, largely due to lockdowns put in place when the pandemic hit U.S.