Contracts for US home sales at highest level since June 2013

[WASHINGTON] Contracts to purchase previously owned US homes rose in March to their highest level since 2013, a positive sign for the US 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 per cent last month.

Economists polled by Reuters had forecast a one per cent 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.

REUTERS