Pending Home Sales Reach Highest Level Since 2013

Contracts to purchase previously owned U.S. homes rose in March to their highest level since 2013, a positive sign for the U.S. housing market amid expectations it is emerging from a soft patch.

The National Association of Realtors on Wednesday said its pending home sales index rose 1.1 percent last month.

Economists polled by Reuters had forecast a 1 percent gain. The NAR also revised its February reading to show a larger gain than initially reported.

The increase last month put contract signings, which usually turn into sales after a month or two, at their highest level since June 2013.

(Reporting by Jason Lange; Editing by Paul Simao)