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Pending home sales rise 4.5%, beating expectations

Reuters
February 28, 2013, 12:01 am TWN

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Contracts to buy previously owned U.S. homes rose more than expected in January, data from an industry group showed, a sign the housing recovery is gaining steam.

The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, rose 4.5 percent to 105.9.

That was its highest level since April 2010, when it spiked just before the expiration of tax credits aimed to prop up the country's collapsed housing market.

Economists polled by Reuters had expected signed contracts, which usually become sales after a month or two, to rise 1.5 percent last month.

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