Pending home sales surge in the U.S.

(CNN)– The National Association of Realtors reported home sales based on contract signing jumped in March.

That’s despite elevated mortgage rates that month.

Pending home sales are forward-looking indicators based on contract signings rather than closings.

The NAR said pending home sales climbed 3.4% in March. That beat expectations by a lot as economists had been expecting a decline.

The realtors group says March’s performance was the best in a year.

Contract signings rose across the nation in March from the prior month except in the Midwest.

The NAR’s chief economist said meaningful gains will only happen with declining mortgage rates and rising inventory.