by Calculated Risk on 5/04/2009 10:00:00 AM

From MarketWatch: U.S. March pending home sales index up 3.2%

The housing market improved in March, a trade group said Monday. The pending home sales index rose 3.2% compared with February and was up 1.1% compared with a year earlier, the National Association of Realtors reported.

Note: Existing home sales are reported at the close of escrow, pending home sales are reported when contracts are signed. The Pending Home Sales index leads existing home sales by about 45 days, so the March pending report suggests existing home sales will increase slightly from April to May. (March is the most recent existing home sales report).