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Pending home sales rose 3.2 percent in due in large partto first-tim buyers taking advantage of affordable home prices, accordinf to the . Construction spending increased 0.3 according to the U.S. Department of Commerce. Public construction (1.1 percent) and privater construction (0.1 percent) both increased. The Pending Home Salesz Index published by the National Associationn of Realtors increasedto 84.6 in up from February's level of March's figure is also 1.1 percent higher than the same perio in 2008, when it was 83.7. Lawrence Yun, the group'x chief economist, said in a statement it woulds probablytake "a few months" for the market to gain momentum.
“Wew need several months of sustained growth to demonstrate a recoveruyin housing, which is necessary for the overalk economy to turn around,” Yun said. The indezx was up 3.9 percentr in the West and 8.5 percentf in the South. It fell 5.7 perceng in the Northeast and 1 percent in the The Pending Home Sale s Index isa forward-lookingh indicator based on home sales contractxs signed in March, basically the numbef of home sales in
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