Pending home sales in the U.S. rose by more than expected in the month of January, according to a report released by the National Association of Realtors on Monday, with the pending home sales index rising to its highest level in almost two years.
NAR said its pending home sales index rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December. Economists had been expecting to index to increase by about 1.5 percent.
With the bigger than expected increase, the pending home sales index rose to its highest level since coming in at 111.3 in April of 2010.
A pending sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
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