The National Association of Realtors (NAR) Monday morning released its data on pending sales of existing homes for March. The pending home sales index rose 1.1% from an upwardly revised index reading of 107.4 in February to the March reading of 108.6. That is 11% higher than in March 2014, when the index reading was 97.7. The March reading is the highest since June 2013 and marks the seventh consecutive month of year-over-year gains.

The consensus estimate called for a month-over-month increase of 1% in pending sales. The index reflects signed contracts, not sales closings. An index reading of 100 equals the average level of contract signings during 2001.

The index has been above 100 (the “average” reading) for 11 straight months.

The NAR’s chief economist noted:

Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year. While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news. It indicates this year’s activity is being driven by more long-term homeowners.

Strong sales in the NAR’s South and West regions more than outweighed declines in the Northeast and Midwest. Sales in the South rose 4% to an index level of 126.5. West region sales climbed 1.7% to 103.7. Sales in the Northeast region slipped 1.5% and sales in the Midwest fell 2.5%.

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