Pending home sales in the United States increased by 6.1% in March compared to February, the National Association of Realtors (NAR) said in a report on Wednesday. The figure landed as the highest monthly increase since December 2023. The figure landed as the highest monthly increase since December 2023. Sales fell by 0.6% on a yearly basis.

The sales index rose the most in the South region, clocking in at 9.8% month-on-month, followed by the Midwest at 4.9% and the West at 4.8%. Meanwhile, the Northeast was down 0.5%.

"Home buyers are acutely sensitive to even minor fluctuations in mortgage rates … While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth," NAR Chief Economist Lawrence Yun noted.