Pending home sales hit highest level in 18 months

Posted by Bonnie Martin Designated Broker on Friday, February 27th, 2015 at 11:17am.

ratesup_igarts_450cnbc.com - U.S. home buyers signed more contracts to buy existing homes in January than they have since August of 2013, according to the National Association of Realtors.

Its monthly index of so-called pending sales, an indicator of future closed sales, rose 1.7 percent month-to-month, and is now 8.4 percent higher than it was a year ago. This is the fifth straight month of year-over-year gains, and the gains are increasing.

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