How Pending Home Sales Increased in March

On Thursday, National Association of Realtors said its Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said Lawrence Yun, NAR chief economist.

“Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

The number of signed contracts to buy previously owned homes increased to its highest level in nearly two years last month.

According to the Realtors’ report, pending sales increased in two out of four U.S. regions in March compared with a month earlier. They rose 8.7% in the West, 5.9% in the South and fell 0.9% in the Midwest and 0.8% in the Northeast.

The S&P/Case-Shiller home price index showed that prices fell 3.5% in February in 16 of the 20 cities.

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