Pending home sales climb 1.5 percent in March

Pending home sales rose 1.5 percent in March, increasing 7 percent above the level seen a year ago, according to the latest pending home sales data from the National Association of Realtors.

This chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005.

Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for March showing that pending home sales improved with the seasonally adjusted national index climbing 1.5% from February and increasing 7.0% above the level seen in March 2012. 

Meanwhile, the NARs chief economist Lawrence Yun is beginning to adopt the "narrow range" sentiment of years past as limited supply works to mute sales activity:

"Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses, ... Job additions and rising household wealth will continue to support housing demand."

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