US pending home sales unexpectedly rise in March

Pending home sales climbed 3.4% in March, marking the best performance in a year, well above the 0.3% decline forecast by economists, as contract signings rose across the country, except in the Midwest.

"March's Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout," said NAR chief economist Lawrence Yun. "Meaningful gains will only occur with declining mortgage rates and rising inventory."

Reporting by Iain Gilbert at Sharecast.com