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NAR: Pending home sales tick up in March

Posted on Tuesday, May 5, 2015 at 8:28:34 AM

The outlook for the U.S. housing market and economy is improving, thanks in part to gains in pending home sales, wage growth and low residential financing rates.

According to the National Association of Realtors, pending sales - which represent contract signings across the country - climbed to their highest level since June 2013. In March, the sales index was up 1.1 percent compared to February and 11.1 percent on a yearly basis.

"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," explained NAR chief economist Lawrence Yun. "While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news."

Furthermore, Fannie Mae reported that economic growth is expected to increase throughout 2015, with the key concerns so far being consumer spending and volatile financial markets.

Even so, the overall economy should pick up throughout the year, with the housing market continuing its stronger growth as well.