U.S. pending home sales up in March
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Pending home sales -- in which contracts are signed but the deal is still in escrow -- were up in March from both February and the same month a year ago, the National Assn. of Realtors reports this morning.
The real estate agent group’s index of contracts signed was up 3% over February and up 1% over March 2008. The group attributed the gain to low home prices and the $8,000 federal tax credit for home purchases.
Home sales typically rise in March from February, but last year, the pending index actually dropped by 1% from February 2008, and the index of contracts in March 2008 was down 20% from March 2007. So the 1% gain in March 2009 over the same month last year shows a substantial change.
-- Peter Y. Hong