Pending home sales at five-month high, orders jump

The data on Tuesday further confirmed the economic recovery was gaining more muscle.

The National Association of Realtors (NAR) said its Pending Home Sales Index, based on contracts signed in March, increased 5.3 percent to 102.9, building on the prior month's revised rise of 8.3 percent.

Analysts polled by Reuters forecast pending home sales rising 4 percent in March. Compared to March 2009, the index was 21.1 percent higher. Pending sales lead existing home sales by one to two months.

Separately, new orders for manufactured goods received by U.S. factories rose unexpectedly by 1.3 percent in March after an upwardly revised 1.3 percent gain in February, initially reported as a 0.6 percent rise, the Commerce Department said.

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- Posted: 2010-05-04 11:19:52

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