With the South leading the way, national pending home sales moved up last month. But weather conditions were blamed for a big drop in the Northeast.

As of March, the Pending Home Sales Index — an indication of upcoming sales based on contract signings — was a seasonally adjusted 107.6.

Last month’s U.S. index worked out to an 0.4 percent escalation compared to the downwardly revised level for the previous month. The increase reflects an improvement in the volume of pending home sales.

Source: Mortgage Daily