The number of existing homes put under contract rise in February after record low performance in the previous month as reported by a trade organization.

The National Association of Realtors said Wednesday that its monthly Pending Home Sales Index increased 2.1 percent to 82.1 in February from January’s historic low of 80.4 but it is 1.4 percent below February 2008 when the index stood at 83.3.

"Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we'll see additional sales gains," according to Lawrence Yun, NAR's chief economist, in a statement.The index which is a gauge of future home sales has a one- to two-month lag.

The Midwest pending home sales saw the largest increase with a 14.5 percent. The Northeast also registered a double-digit rise at 10.6 percent. The South edged up 4.4 percent while the West recorded a 13.5 percent.

Yun expects inventories of homes on the market to swell during the coming months if sellers follow the normal pattern of increased selling during the spring.