Pending Home Sales Near Two-Year High

Washington, DC, Feb. 27, 2012 -- Pending home sales rose 2% in January to the highest level since April 2010, according to the National Association of Realtors.

The pending-home-sales index rose to 97.0 from a downwardly revised 95.1 reading in December.

Even without the revision, the index would have shown growth, as December's index initially was reported as 96.6.

Compared to January 2011, pending home sales were up 8%.

"Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year," said NAR Chief Economist Lawrence Yun.