The National Association of Realtors reported a significant surge in U.S. pending home sales in March. The index, a measure of housing contract activity, rose by an impressive 3.4 percent to reach 78.2 in March, following a 1.6 percent increase to 75.6 in February. This growth far exceeded economists' predictions of a mere 0.3 percent rise.
A pending home sale refers to a sale where a contract has been signed but the deal has not yet been finalized. Typically, it would take between four to six weeks to close such a sale.
