The number of signed contracts to purchase surged to the highest level since October 2009. The National Association of realtors reported that its Pending Home Sales Index rose 5.3 percent to 102.9 from February. That was better than economists expected and left sales 21.1 per cent higher than in March 2009.

It was the highest level in 5 months and a 21 percent higher from the same month a last year.

Pending sales increased 13 percent in the South, 2 percent in the West and 1 percent in the Midwest. Sales dropped 3.3 percent in the Northeast.