Pending Home Sales Accelerate In March And Beat Expectations

Sales jumped 1.5% from last month. Economists were looking for a 1.0% gain.

However, February's reading was revised down to -1.0% from an initial reading of -0.4%.

"Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply," said Lawrence Yun of the National Association of Realtors. "Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. Job additions and rising household wealth will continue to support housing demand."

Some of the recent housing data has suggested that the housing recovery is slowing. As such economist will want to keep a close eye on this report.