Contracts to buy U.S. previously owned homes saw a significant surge in March, marking the largest increase in over a year.
The big picture: The National Association of Realtors reported that the Pending Home Sales Index rose by 6.1% to 76.5 last month, with a year-on-year decrease of 0.6%.
- Economists had predicted a more modest 1.0% rise in contracts.
- The increase was attributed to a decline in mortgage rates, with the 30-year fixed-mortgage rate dropping from 7.04% in mid-January to 6.65% in March.
