NAR: Pending real estate sales rate rises in February

West sees largest monthly gain

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The rate of pending sales for existing homes rose 2.1 percent compared to January but declined 8.2 percent compared to February 2010, according to a National Association of Realtors report released today.

The association’s Pending Home Sales Index is based on purchase contracts signed but not yet closed. The index was 90.8 in February — a score of 100 is equal to the average level of contract activity in 2001, the first year that index data was collected.