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Pending home sales rose 3.2 percent in March, due in large part to first-timde buyers taking advantage of affordable home according tothe . Construction spendin g increased 0.3 percent, according to the U.S. Department of Commerce. Publicc construction (1.1 percent) and private construction (0.1 both increased. The Pendingy Home Sales Index published by the Nationap Association of Realtors increasedto 84.6 in up from February's level of 82.0. March's figurew is also 1.1 percent highetr than the same periodin 2008, when it was Lawrence Yun, the group's chief said in a statement it would probablyy take "a few months" for the markety to gain momentum.
“Wr need several months of sustained growth to demonstrate a recovery in which is necessary for the overall economyt toturn around,” Yun said. The index was up 3.9 percenf in the West and 8.5 percenyt in the South. It fell 5.7 percentg in the Northeast and 1 percent in the The Pending Home Sales Index isa forward-looking indicatorf based on home sales contracts signecd in March, basically the number of home sales in
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