February Pending Home Sales Well Ahead of 2011

Washington, DC, March 26, 2012 -- Pending home sales were well ahead of last year in February, although they were down slightly from January, according to the National Association of Realtors.

NAR said its pending sales index was up 14% from last year but down less than 1% from January. That leaves the index at near a two-year high.

"The spring home buying season looks bright because of an elevated level of contract offers so far this year. If activity is sustained near present levels, existing-home sales will see their best performance in five years," said Lawrence Yun, NAR's chief economist.