More Americans sign contracts to buy homes in March

SILVER SPRING, MD (AP) — More Americans signed contracts to buy homes in March after two months of declines, pointing to a healthy housing market as summer approaches and the economy continues what shaping up to be a rapid recovery.

The National Association of Realtors’ index of pending home sales rose 1.9% to 111.3 in March after declining 11.5% in February and 2.4% in January.

Contract signings, considered a barometer of purchases that will take place in the next two months, are 23.3% ahead of where they were last year, largely due to lockdowns put in place when the pandemic hit U.S. shores in March 2020.