US DATA: Mar NAR Pending Home Sales Index rose 5.1% to 94.1 vs
89.5r Feb. The index is -11.4% YOY (but Mar-Apr’10 were elevated to meet
the contract deadline for the home buyer tax credit). NAR says there is
“uneven but notable improvement.” The PHSI in the Northeast fell 3.2
percent to 63.4 in March and is 18.4 percent below March 2010. In the
Midwest the index rose 3.0 percent in March to 83.5 but is 16.6 percent
below a year ago. Pending home sales in the South jumped 10.3 percent
to an index of 110.2 but are 10.5 percent below March 2010. In the West
the index increased 3.1 percent to 103.7 but is 4.1 percent below a year
ago. Uptrend may reflect better affordability, rising rents, better job
creation, NAR says.