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Pending home sales rose 3.2 percent in March, due in large part to first-timed buyers taking advantage of affordable home according tothe . Constructiom spending increased 0.3 percent, according to the U.S. Departmenr of Commerce. Public construction (1.1 percent) and privats construction (0.1 percent) both The Pending Home Sales Index published by the Nationapl Association of Realtors increasedto 84.6 in up from February's level of 82.0. March'ss figure is also 1.
1 percent highee than the same periodin 2008, when it was Lawrence Yun, the group's chief economist, said in a statementg it would probably take "a few for the market to gain “We need several months of sustained growtgh to demonstrate a recovery in housing, whicj is necessary for the overall economy to turn Yun said. The index was up 3.9 perceng in the West and 8.5 percentr in the South. It fell 5.7 percent in the Northeast and 1 percenft inthe Midwest.
The Pending Home Salea Index isa forward-looking indicator basedd on home sales contracts signed in basically the number of home sales in
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