Pending home sales rise modestly

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Pending home sales climbed modestly in March compared to February, but contract activity has been leveling off, according to the National Association of Realtors (NAR).

The Pending Home Sales Index, which predicts future home sales by looking at contract signings, inched up 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February. The index was up 7 percent on an annual basis, marking the 23rd consecutive month that contract signings have been above year-ago levels.

“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,” said NAR chief economist Lawrence Yun.  “Job additions and rising household wealth will continue to support housing demand.” Source: NAR