by Calculated Risk on 2/27/2012 10:07:00 AM

From the NAR: January Pending Home Sales Rise, Market on Uptrend

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.

The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.

December was revised down from 96.6, so most of the 2% increase was due to the downward revision. Without the downward revision, this was below the consensus of a 1.5% increase.

Contract signings usually lead sales by about 45 to 60 days, so this is for sales in February and March.