Nationwide pending sales of existing homes unexpectedly rose in February the National Association of Realtors (NAR) reported, foreshadowing an increase in home sales.
The National Association of Realtors said its pending home sales index, based on contracts signed in February, increased 2.1% to 90.8.
Economists had expected the index, which leads existing home sales by a month or two, to fall by 1% after a previously reported 2.8% decline.
NAR chief economist Lawrence Yun said "We may not see notable gains in existing-home sales in the near term, but they're expected to rise 5 to 10% this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who have been on the sidelines".
Compared to February 2010, the pending home sales index was down 8.2%.
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