Pending Home Sales Index Rises

A forecasting gauge of home sales rose more than expected in March, buoyed by first-time home buyers taking advantage of lower prices.

The National Association of Realtors' index for pending sales of previously owned homes rose 3.2% to 84.6 from a revised 82.0 in February, the industry group said.

Private analysts projected pending sales would grow just 1.0% during March.

The gauge rose to a revised 82.0 in February from 80.4 in January.

Still, Lawrence Yun, NAR chief economist, said it's too early to declare a housing market recovery.