Pending home sales in March rose for their third straight month by 1.1 percent, ending at 108.6 compared with 107.4 in February. Sales in March were 11.1 percent higher than they were in the same period last year, according to the National Association of Realtors.
“Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year,” said Lawrence Yun, chief economist at the NAR, in a statement.
Regionally, the PHSI in the Northeast dropped 1.5 percent to 80.2 in March. The index declined 2.5 percent to 107.5 in the Midwest. Southern pending home sales increased 4 percent to 126.5, and the index in the West rose 1.7 percent to 103.7.
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