Pending Home Sales at Two Year High

Washington, DC, April 26, 2012 -- Pending home sales rose 4.1% in March to reach the highest level since April 2010, the National Association of Realtors said.

The index rose to 101.4 in March from an upwardly revised 97.4 in February, which represents a 12.8% gain from March 2011.

February's pending home sales index was initially reported to be 96.5.

Sales of existing homes during the first quarter were the strongest in five years, and NAR said the pending home sales data suggests the second quarter will be equally good.