Pending Home Sales Soar To Highest Level in Three Years

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The National Association of Realtors announced last week that pending home sales had reached their highest level since April of 2010, when the homebuyer tax credit was due to expire. In total, pending sales climbed 0.3 percent in March, bringing the total annual basis up to 10.3 percent.

"The housing market continues to squeak out gains from already very positive conditions," said Chief Economist at NAR Lawrence Yun. "Pending contracts so far this year easily correspond to higher closed home sales in 2013."

Pending home sales, used as a predictor for future home sales rates based on signed contractual agreements to buy homes, have been on the rise in recent months. Based on the recent performance of the market, it is expected that existing home sales will rise by seven percent over the year.

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