Signed Contracts to Buy U.S. Homes at Three-Year High

WASHINGTON (AP) -

The number of Americans who signed contracts to buy homes ticked up in April to the highest level in three years. The increase points to growth in home sales in the coming months.

The National Association of Realtors said Thursday that its seasonally adjusted index for pending home sales rose 0.3 percent to 106. That’s the highest since April 2010, when a homebuyer tax credit inflated sales.

Signed contracts have jumped 10.3 percent in the past 12 months. There is generally a one- to two-month lag between a signed contract and a completed sale.